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You plan to apply for a loan from Bank of America. The nominal annual interest rate for this loan is 7.67 percent, compounded daily (with a 365-day year). What is the effective annual rate, or EAR (annual percentage yield), of this loan. Round the answer to two decimal places. All the work has to be shown!

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

interest rate for this loan is 7.67 percent, compounded daily (with a 365-day year). What is the effective annual rate, or EAR (annual percentage yield), of this loan. Round the answer to two decimal places. All the work has to be shown!

 
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