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What is the annual percentage rate

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Reference no: EM132944182

The Effective Annual Rate (EAR) is 9% and is compounded daily.

a. What is the Annual Percentage Rate (APR)? Assume 365 days per year and answer in percentage form with two decimals (i.e. 4.54%, not 0.0454).

b. What is the Annual Percentage Rate (APR) if instead the EAR was compounded monthly? Answer in percentage form with two decimals (i.e. 4.54%, not 0.0454).

Reference no: EM132944182

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