8. It can be difficult to compare interest rates because compounding may vary. The nominal rate tells the annual growth rate without compounding. The effective rate includes compounding, so it tells the rate at which an account actually grows. Consider an account earning 8% interest compounded daily. a) By how many dollars will a $1000 deposit grow b) By what percent will a $1000 deposit grow in one n one year? year? What is the nominal interest rate in this problem? d) What is the effective interest rate