Multiple Choice
The PC financial is considering changing the method of compounding interest on line of credit accounts to daily compounding. If the current rate is 5.75% compounded quarterly, what nominal rate should PC Financial propose to maintain the same effective rate of interest?
A) 0.576%
B) 0.016%
C) 1.6%
D) 5.719%
E) 4.61%
Correct Answer:
Verified
Correct Answer:
Verified
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