Find the effective annual rate charging on loans


Mr. Miser loans money at an annual rate of 19 percent interest with daily compounding. What is the effective annual rate Mr. Miser is charging on his loans?

i) 20.98 percent
ii) 20.68 percent
iii) 20.54 percent
iv) 21.18 percent
v) 20.92 percent

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Finance Basics: Find the effective annual rate charging on loans
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