Calculate the EAR given the following:
Stated Rate (APR, pct) | Compounding Period | EAR |
6.3 | daily | ? |
a) 6.50%
b) 6.11%
c) 6.00%
I need the answer ASAP!
a) 6.50%
Working:
EAR | = | ((1+(i/n))^365)-1 | Where, | |||||||
= | ((1+(0.063/365))^365)-1 | i | 6.30% | |||||||
= | 6.50% | n | 365 | |||||||
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