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Barcain Credit Corp. wants to earn an effective annual return on its consumer loans of 16.0 percent per year. The bamk uses daily compounding on

Barcain Credit Corp. wants to earn an effective annual return on its consumer loans of 16.0 percent per year. The bamk uses daily compounding on its loans. What interest rate is the bank required by law to report to potential borrowers?( use 365 days a year. Do not round intermediate calculations and round your final answer to 2 decimal places. (32.16)

Interest rate _________%

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