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Mr miser loans money at an annual rate of 19 percent

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Reference no: EM13478993

Mr. Miser loans money at an annual rate of 19 percent interest with daily compounding. What is the effective annual rate Mr. Miser is charging on his loans?

i) 20.98 percent
ii) 20.68 percent
iii) 20.54 percent
iv) 21.18 percent
v) 20.92 percent

Reference no: EM13478993

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