What is daily compound rate of interest earned on account

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Reference no: EM13322967

An engineer in a developing country observes that his project bankaccount has grown from 1,600,000 to 1,769,279 (local currencyunits) in 20 days with no deposits or withdrawals being made. He knows the account interest is compounded daily.

(a) What is the daily compound rate of interest, in percent, earned on the account?

(b) What is the effective annual interest rate?

Reference no: EM13322967

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