You plan to apply for a loan from Bank of America. The nominal annual interest rate for

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You plan to apply for a loan from Bank of America. The nominal annual interest rate for this loan is 7.67 percent, compounded daily (with a 365-day year). What is the effective annual rate, or EAR (annual percentage yield), of this loan. Round the answer to two decimal places.All the work has to be shown!

Posted Date: May 18, 2024 02:08 PM

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You plan to apply for a loan from Bank of America. The nominal annual interest rate for

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