Effective Rates of Interest A bank advertises that it pays interest on saving accounts at the rate of 2.25% compounded daily. (a) Find the effective rate if the bank uses 360 days in determining the daily rate. (b) What is the effective rate if 365 days are used?

7/26/2017 OneNote Online 2.3 Monday, September 1, 2014 9:56 PM https://onedrive.live.com/view.aspxref=button&Bsrc=SMIT&resid=36773184373A8F0B!2562&cid=36773184373a8f0b&app=OneNote&authkey=Avz_e_hLmB4xJLw...