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Barcain Credit Corp, wants to earn an effective annual return (EAR) on its consumer loans of 15 percent per year. The bank uses daily compounding

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Barcain Credit Corp, wants to earn an effective annual return (EAR) on its consumer loans of 15 percent per year. The bank uses daily compounding on its loans Required What interest rate is the bank required by law to report to potential borrowers (i.e. what is the APR under dally compounding)? o 12.58% o 16.18% O 15.00% 13.98% o 15.38%

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