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James Smith borrowed $15,550 from a bank for three years. If the quoted rate (APR) is 4.00 percent, and the compounding is daily, what is

James Smith borrowed $15,550 from a bank for three years. If the quoted rate (APR) is 4.00 percent, and the compounding is daily, what is the effective annual interest rate (EAR)? (Round answer to 2 decimal places, e.g. 15.25\%. Use 365 days for calculation.)

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