The Piccadilly Savings and Loan offers a savings account with a quoted rate of 4% which is compounded times per year. Not to beoutdone, the Thames Embankment Bank wants to offer a competing account with daily compounding. What quoted rate does Thames have to offer in order to produce the same effective interest rate as offered by Piccadilly? Assume a 365-day year and express your answer in percentage form rounded to two decimal places. (e.g., 14.56%)

What quoted rate does Thames have to offer in order to produce the same effective interest rate as offered byPiccadilly?