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Alexeev081 [22]
3 years ago
5

Borrowed 152300 for three years if the qouted rate (apr) is 11.75% and the compounding is daily what is the effective annual rat

e ?
Business
1 answer:
Vikki [24]3 years ago
7 0

Answer:

The appropriate response is "12.47%".

Explanation:

The given values are:

Borrowed amount,

= 152300

APR,

= 11.75%

i.e.,

= 0.1175

Now,

The effective annual rate will be:

= (\frac{1+APR}{n} )^n

On substituting the given values, we get

= (\frac{1+0.1175}{365} )^{365}

= (\frac{1.1175}{365} )^{365}

= 1.12466-1

= 0.1247 \ or \ 12.47 \ percent

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