Multiple Choice
Shylock Bank offers a savings account with a nominal rate of 7% and daily compounding.What is the effective rate of the account? (Assume a 365 day year.)
A) 7.25%
B) 7.00%
C) 7.50%
D) 7.10%
E) 7.05%
Correct Answer:
Verified
Correct Answer:
Verified
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