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tetleyelmo tetleyelmo
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7 years ago
A bank pays a quoted annual (nominal) interest rate of 8%. However, it pays interest (compounded) daily using a 365-day year. What is the effective annual rate of return?
A) 7.86%   
B) 7.54%   
C) 8.57%   
D) 8.33%   
E) 9.21%
Textbook 
Corporate Finance Online

Corporate Finance Online


Edition: 1st
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BlimpBlimp
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7 years ago
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Pol. Sci. Major
Minoring in Business
Columbia University Sophomore

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tetleyelmo Author
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7 years ago
Thank you, thank you, thank you!
my life
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Yesterday
I appreciate what you did here, answered it right Smiling Face with Open Mouth
prime7105
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2 hours ago
Just got PERFECT on my quiz
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