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24. A friend offers you a loan at an interest rate of 0.1% PER DAY. a. What is the nominal (also known as the APR

24. A friend offers you a loan at an interest rate of 0.1% PER DAY.

a. What is the nominal (also known as the APR or Annual Percentage Rate) rate for this loan?

b. What is the effective annual interest rate for his loan?

Show all work and equations for full credit.

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