Problem:
Mr. Miser loans money at an annual rate of 19 percent interest with daily compounding.
Required:
Question: What is the effective annual rate Mr. Miser is charging on his loans?
- 20.98 percent
- 20.68 percent
- 20.54 percent
- 21.18 percent
- 20.92 percent
Note: Please show guided help with steps and answer.