Find the Effective Annual Interest Rate of 7% Compounded Daily $r _ { \text {eff } } = 7.25 \%$

Multiple Choice

Find the effective annual interest rate of 7% compounded daily. Assume 365 days per year. Round your answer to the nearest 0.01%.

A) $r _ { \text {eff } } = 7.25 \%$
B) $r _ { \text {eff } } = 25.55 \%$
C) $r _ { \text {eff } } = 7.30 \%$
D) $r _ { \text {eff } } = 7.35 \%$
E) $r _ { \text {eff } } = 1.92 \%$