# Answer on Calculus Question for Riley

Question #20485

Find the effective rate if the nominal rate is 4.0% and interest is compounded daily (n 365). (If r is the nominal rate and n is the number of times interest is compoundedn

annually, then R =

1 +■

- 1 is the effective rate.)*

annually, then R =

1 +■

- 1 is the effective rate.)*

Expert's answer

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Unfortunately, the statement of your question is a bit confusing.

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