Mr miser loans money at an annual rate of 16 percent


Mr. Miser loans money at an annual rate of 16 percent. Interest is compounded daily. What is the actual rate Mr. Miser is charging on his loans?

17.16 percent
16.97 percent
17.41 percent
17.56 percent
17.35 percent

 

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Finance Basics: Mr miser loans money at an annual rate of 16 percent
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