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Angelic Cosmetics borrowed $448,544 from a bank for 6 years. If the quoted rate (APR) is 6.04 per cent, and the compounding is daily, what

Angelic Cosmetics borrowed $448,544 from a bank for 6 years. If the quoted

rate (APR) is 6.04 per cent, and the compounding is daily, what is the

effective annual rate (EAR)?

Round your answer to 2 decimal places. E.g. if the interest rate is 5.8312%,

please tvpe 5.83 in the answer box (do not type the percentage sign).

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