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You invest in a mortgage which offers an APY of 7.00%, what is the Effective Annual Rate (EAR or APR) given daily compounding? a. 107.25%
You invest in a mortgage which offers an APY of 7.00%, what is the Effective Annual Rate (EAR or APR) given daily compounding?
a. 107.25% | ||
b. 7.25% | ||
c. 0.02% | ||
d. 107.23% |
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