Alife insurance company offeres loans to its Policy holders against the cash value of thier policies at a $($nominal$)$ annual interest rate of $15$ percent, compounded daily. Calculate the effective annual percentage intereset rate of these loans. Use the following formual: EFF$\%$ rate $=1+(INO\frac{M}{M})2-1to$ demonstrate that if the nominal rate is compounded once a year, the EFF$\%$ rate $=$ INOM. Use the Excel funtion to this math question $(1+(\mathrm{.}10/3)^3)-1$