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You plan to apply for a loan from bank of america the

Question Perpetuity, EAR, RRR

You plan to apply for a loan from Bank of America. The nominal annual interest rate for this loan is 7.54 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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Finance Basics: You plan to apply for a loan from bank of america the

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