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You plan to apply for a loan from Bank of America. The nominal annual interest rate for this loan is 14.97 percent, compounded daily (with a 365-day year). What is the effective annual rate, or EAR (annual percentage yield), of this loan?

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You plan to apply for a loan from Bank of America. The nominal annual

interest rate for this loan is 14.97 percent, compounded daily (with a 365-day year). What is the effective annual rate, or EAR (annual percentage yield), of this loan?

 
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