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Desire Cosmetics borrowed $152,300 from a bank for 3 years. If the quoted interest rate is 11.75%, and the inerest is compounded daily (m=365), what

Desire Cosmetics borrowed $152,300 from a bank for 3 years. If the quoted interest rate is 11.75%, and the inerest is compounded daily (m=365), what is the effective annual interest rate? (Round to one decimal place).

A.

11.6%

B.

11.75%

C.

14.3%

D.

12.5%

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