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Find the effective rate if the bank uses 360 days in

BNZ advertises that it pays interest on a savings account at the rate of 7.25% compounded yearly.

a. Find the effective rate if the bank uses 360 days in determining the daily rate.

b. What if 365 days is used?

c. Is there significant different between your answers to (a) and (b)? Explain?

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Accounting Basics: Find the effective rate if the bank uses 360 days in

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