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QUESTION 5 What is the effective annual rate on a loan with an APR of 10.6 percent if interest is compounded daily? Assume a 365-day

QUESTION 5 What is the effective annual rate on a loan with an APR of 10.6 percent if interest is compounded daily? Assume a 365-day year. 10.7296 11.1896 10.0896 O 11.02% 10.16%

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