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.)

Algebra ->  Finance -> 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.)       Log On


   

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) About Me  (Show Source):
You can put this solution on YOUR website!
(1+r/n)^n-1
(1.00032877)^365-1
1.127476-1=12.7%