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An online bank offers an 10% APR with daily compounding. Your local bank account pays...

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Question

Finance

An online bank offers an 10% APR with daily compounding. Your local bank account pays interest every six months. How much interest will you need to earn every six months to match the online bank?

Group of answer choices

9.68%

5.13%

10.25%

6.53%

Answer & Explanation Solved by verified expert
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