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Question $15(0\mathrm{.}5$ points$)$

What is the effective annual rate of $8\mathrm{.}9\%$ compounded daily?

$9\mathrm{.}00\%$

$9\mathrm{.}27\%$

$10\mathrm{.}00\%$

$10\mathrm{.}38\%$

$9\mathrm{.}31\%$

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