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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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