Would the annual effective rate be higher

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Reference no: EM131936990

An investment offers a nominal rate of 7 percent. Would the annual effective rate be higher if interest is compounded daily or monthly?

Explain, using illustrative calculations to support your answer.

The response must be typed, single spaced, must be in times new roman font (size 12) and must follow the APA format.

Reference no: EM131936990

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