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Citicorp Consumer Banking Unit, MainStreet, wants to earn an effective annual return on its consumer loans of 19.5% per year. The bank uses daily compounding

Citicorp Consumer Banking Unit, MainStreet, wants to earn an effective annual return on its consumer loans of 19.5% per year. The bank uses daily compounding on its loans. What is the APR (annual percentage rate), which the bank is required to report to consumers by law?

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