Question $18$

Axis Credit wants to earn an effective annual

return on its consumer loans of $14\mathrm{.}4\%$ per

year. The financing company uses daily

compounding on its loans. What interest rate

is Axis required by law to report to potential

borrowers? $($Do not include the percent sign

$(\%).$ Enter rounded answer as directed, but do

not use the rounded numbers in intermediate

calculations. Round your answer to $2$ decimal

places $($e$.$g$.,32\mathrm{.}16).)$