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Answer to Question #20485 in Calculus 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.)*
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