SOLUTION: Find the effective rate corresponding to the given nominal rate. (Round your answer to two decimal places.) 12%/year compounded daily (Assume a 365-day year.)

SOLUTION: Find the effective rate corresponding to the given nominal rate. (Round your answer to two decimal places.) 12%/year compounded daily (Assume a 365-day year.)

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Question 684985: Find the effective rate corresponding to the given nominal rate. (Round your answer to two decimal places.)
12%/year compounded daily (Assume a 365-day year.)
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
(1+r/n)^n-1
(1.00032877)^365-1
1.127476-1=12.7%
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