$($CHAPTERS $4-5-8-9)$

A company would like to borrow money at the stated annual interest rate $($or APR$)$ of

$15\%,$ compounded daily.

In general, when the interest compounding frequency within a year is lower, the

effective annual rate is

In this example, the effective annual interest rate is

Notice one drop$-$down menu per digit! Your answer should be in percent, not in decimals. Round

your final answer to two decimal places. For example, if you got $10\mathrm{.}34$ percent, then in the drop$-$

down menus select $"1""0""3""4".$

In this example, the effective quarterly interest rate is

$\%.$ See notes above.

$($Assume exactly $365$ days in one full year, $4$ quarters in one full year, and $91$ days in one quarter.$)$