Mr. Miser loans money at an annual rate of 16 percent. Interest is compounded daily. What is
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Mr. Miser loans money at an annual rate of 16 percent. Interest is compounded daily. What is the actual rate Mr. Miser is charging on his loans?
a) 17.16 percent
b) 16.97 percent
c) 17.41 percent
d) 17.56 percent
e) 17.35 percent
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e 1735 percent Calculate the effect...View the full answer
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