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Mr. miser loans money at an annual rate of 22 percent. interest is compounded daily. what is the actual rate mr. miser is charging on his loans?
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Mr. miser loans money at an annual rate of 22 percent. interest is compounded daily. what is the actual rate mr. miser is charging on his loans?

User Hslugs
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8.2k points

1 Answer

4 votes
EAR

= [1 + (0.23 / 365)]365 - 1

= 25.85 percent
User Wulf
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