Solve the problem.Find the effective rate if the nominal rate is 5.5% and interest is compounded daily (n = 365). (If r is the nominal rate and n is the number of times interest is compounded annually, then R = 
n - 1 is the effective rate.) Round to the nearest hundredth of a percent.
A. R = 5.90%
B. R = 6.15%
C. R = 5.40%
D. R = 5.65%
Answer: D
Mathematics
You might also like to view...
Convert 36°6' to decimal degrees
What will be an ideal response?
Mathematics
Find the probability.When a single card is drawn from an ordinary 52-card deck, find the probability of getting the 7 of diamonds.
A. 
B. 
C. 
D. 
Mathematics
The nth term of a sequence is given. Find the first 4 terms.an = 
n-1
A. 7, 1, 
, 
B. -1, 
, 
, 
C. 0, 
, 
, 
D. 1, 
, 
, 
Mathematics
Simplify.
÷ 
? 
A. 
B. 
C. 
D. 
Mathematics