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Barcain Credit Corp. wants to earn an effective annual return on its consumer loans of 13 percent per year. The bank uses daily compounding on
| Barcain Credit Corp. wants to earn an effective annual return on its consumer loans of 13 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? |
13.00%
11.00%
13.45%
12.22%
13.88%
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Information Systems Assurance
Authors: David C Chan
2nd Edition
150081458X, 9781500814588
