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HW 3E Question 2 You plan to apply for a loan from Bank of America. The nominal annual interest rate for this loan is 14.50

HW 3E

Question 2

You plan to apply for a loan from Bank of America. The nominal annual interest rate for this loan is 14.50 percent, compounded daily (with a 365-day year). What is the effective annual rate, or EAR (annual percentage yield), of this loan?

Round the answer to two decimal places in percentage form.

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