SOLUTION: Find the effective rate of interest. 50.11% compounded daily Possible answer: a. 50.233% b. 51.015% c. 50.315% d. 64.997%

Algebra ->  Percentage-and-ratio-word-problems -> SOLUTION: Find the effective rate of interest. 50.11% compounded daily Possible answer: a. 50.233% b. 51.015% c. 50.315% d. 64.997%      Log On


   

Question 1046598: Find the effective rate of interest.
50.11% compounded daily
Possible answer:
a. 50.233%
b. 51.015%
c. 50.315%
d. 64.997%
Answer by robertb(5830) About Me  (Show Source):
You can put this solution on YOUR website!
%281%2B0.5011%2F365%29%5E365+=+1%2Br

===> r = 0.64997, so the effective rate of interest is 64.997%.