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OpenStudy (anonymous):
Could somebody please help: If a client has a loan at an interest rate of 7% compounded daily, what is the equivalent rate compounded annually? My answer was 7%. Is my answer right of wrong? Thanks
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OpenStudy (anonymous):
Wrong, by compounding daily, your rate will increase. They give you interest of 0.07/365 on your money each day annual rate becomes (1 + 0.07/365)^365 - 1 = 7.25%
OpenStudy (anonymous):
Correct but they are asking for EFF compounded annually. I got 7%
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