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The Effective Annual Rate (EAR) is 14.5% and is compounded daily. a. What is the Annual Percentage Rate (APR)? Assume 365 days per year and

The Effective Annual Rate (EAR) is 14.5% and is compounded daily. a. What is the Annual Percentage Rate (APR)? Assume 365 days per year and answer in percentage form with two decimals (i.e. 4.54%, not 0.0454). % b. What is the Annual Percentage Rate (APR) if instead the EAR was compounded monthly? Answer in percentage form with two decimals (i.e. 4.54%, not 0.0454). %

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