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What is the effective annual rate or annual percentage yield

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Reference no: EM132811616

Problem 1: Your credit card carries a 9.9% annual percentage rate, compounded daily. What is the effective annual rate, or annual percentage yield (correct to two decimal places)?

option 1: 0.03%
option 2: 9.90%
option 3: 10.41%
option 4: 18.00%

Reference no: EM132811616

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