What is the effective interest rate

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Reference no: EM131355903

1. The Kovalam Bank advertises savings account interest as 6% compounded daily. What is the effective interest rate?

2. The Bank of Brisbane is offering a new savings account that pays a nominal 7.99% interest, compounded continuously. Will your money earn more in this account than in a daily interest account that pays 8%?

Reference no: EM131355903

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