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Charmaine took out a loan for$7400 that charges an annual interest rate of8.3%, compounded daily. Assume there are365 days in each year. Answer each part.

Charmaine took out a loan for$7400 that charges an annual interest rate of8.3%, compounded daily. Assume there are365 days in each year. Answer each part. If necessary, refer to thelist of financial formulas.

(a) Find the amount owed after one year, assuming no payments are made.

Do not round any intermediate computations, and round your answer to the nearest cent.

(b) Find the effective annual interest rate, expressed as a percentage.

Do not round any intermediate computations, and round your answer to the nearest hundredth of a percent.

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