The same effective interest rate as offered by piccadilly

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Reference no: EM131813506

The Piccadilly Savings and Loan offers a savings account with a quoted rate of 6% which is compounded 2 times per year. Not to be outdone, the Thames Embankment Bank wants to offer a competing account with daily compounding. What quoted rate does Thames have to offer in order to produce the same effective interest rate as offered by Piccadilly? Assume a 365-day year and express your answer in percentage form rounded to two decimal places. (e.g., 14.56%)

What quoted rate does Thames have to offer in order to produce the same effective interest rate as offered by Piccadilly?

__% (round two decimal places)

Reference no: EM131813506

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