With 12% in nominal APR interest quoted, you earn 12%/365 0.032877% per day. Therefore, the annual
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With 12% in nominal APR interest quoted, you earn 12%/365 ≈ 0.032877% per day. Therefore, the annual rate of return is (1 + 0.032877%)365 − 1 ≈ 12.747462%. Your $100,000 will grow into $112,747.46.
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