What is the effective rate for the year

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Problem 1: A financial institution quotes a rate of 4.55 percent compounded monthly. What is the effective rate for the year? (Do not round intermediate calculations, round answer to two decimals, i.e. 123.45)

Problem 2: A financial institution quotes a rate of 2.36 percent compounded daily. What is the effective rate for the year using a 365 day year? (Do not round intermediate calculations, round answer to two decimals, i.e. 123.45)

Reference no: EM132768509

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