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Jakes company borrowed $45,000 from a bank. If the quoted rate (APR) is 5.4% and interest is compounded daily, what is the effective annual rate

Jakes company borrowed $45,000 from a bank. If the quoted rate (APR) is 5.4% and interest is compounded daily, what is the effective annual rate (EAR) for Jake's company? a. 5.61 b. 5.49 c. 5.55 d. 5.58 e. 5.63

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