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If the Annual Percentage Rate is 8% and interest is compounded daily, then what is the effective interest rate? Note, express your answer in percent

If the Annual Percentage Rate is 8% and interest is compounded daily, then what is the effective interest rate? Note, express your answer in percent and to the nearest two decimal places, that is, 6.889456 would be 6.89%.

Round to nearest two decimals.

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