(Compound interest with nonannual periods) After examining the various personal loan rates available to you, you find that you can borrow funds from a finance company at an APR of 11 percent compounded daily or from a bank at an APR of 12 percent compounded annually. Which alternative is more attractive? a. If you borrow $100 from a finance company at an APR of 11 percent compounded daily for 1 year, how much do you need to payoff the loan? (Round to the nearest cent.)