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Answer to Question #233743 in Civil and Environmental Engineering for Alan Enrico V Tuib

Question #233743
A bank advertises it pays 7% annual interest, compounded daily, on savings accounts, provided the money is left in the account for 4 years. What is the effective annual interest rate?
1
Expert's answer
2021-09-14T01:54:27-0400

((1+ (0.007/4))^4 = 7.25


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