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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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