UESTION $11\backslash$

ur company borrowed $$45,000$ from a bank. If the quoted rate $($APR$)$ is $11\mathrm{.}4\%$ and interest is compounded daily, what is the effective nual rate $($EAR$)?\backslash$

a$.12\mathrm{.}07\%\backslash$

b$.11\mathrm{.}89\%\backslash$

c$.11\mathrm{.}71\%\backslash$

d$.12\mathrm{.}21\%\backslash$

e$.11\mathrm{.}62\%$