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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. 11.02%

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.

11.02%

10.16%

10.72%

10.08%

11.18%

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