You are the ethics compliance officer at the bank of brexit


You are the ethics compliance officer at the Bank of Brexit. The wizards in the financial products marketing division are selling a new student line of credit.

It is advertised as having an Effective Annual Rate of 18%.

Interest is compounded daily and the daily interest rate is quoted as .0493151%. Is this product advertised accurately?

If not, what correction is required? (Avoid rounding as much as possible)

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