question archive Arabian Beauty Cosmetics borrowed 3D 152
Arabian Beauty Cosmetics borrowed 3D 152
Subject:FinancePrice:2.86 Bought3
Arabian Beauty Cosmetics borrowed 3D 152.300 from the National Bank of Bahrain (NBB) for three years. If the quoted rate (APR) is 15.754, and the compounding is daily, what is the Effective Annual Rate?
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Effective Annual Rate= (1+APR/365)^365 -1
= (1+11.75%/365)??????^365 -1
= 12.47%
