[Solved] Question 5 (1 point) If a bank pays a 6%

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Question 5 (1 point) If a bank pays a 6% nominal annual interest rate, with daily (360 days) compounding, on its money market account, what

Question 5 (1 point) If a bank pays a 6% nominal annual interest rate, with daily (360 days) compounding, on its money market account, what effective annual rate does the bank pay? 7.23% 6.18% None of the answers is correct 6.59% 7.25%

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