Antonio borrows $4,115 from the bank for 5 years at an annual interest rate of 5.64% compounded continuously. What was the effective interest rate? _______% Round to two decimal places.
Added by Steven W.
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Step 1: Calculate the effective interest rate using the formula for continuous compounding: Effective interest rate = e^(r) - 1 Where: r = annual interest rate (in decimal form) Show more…
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