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what is the effective annual interest rate ? Charles Wilson borrowed $15,550 from a bank for three years. If the quoted rate (APR) is 7.00

what is the effective annual interest rate ?
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Charles Wilson borrowed $15,550 from a bank for three years. If the quoted rate (APR) is 7.00 percent, and the compounding is daily, what is the effective annual interest rate (EAR)? (Round answer to 2 decimal ploces, e. 3. 15.25\%. Use 365 days for calculation.) Effective Annual interest rate \%

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