Anna’s bank gives her a loan with a stated interest rate of 10.22%. how much greater will anna’s effective interest rate be if the interest is compounded daily, rather than compounded monthly? a. 0.5389 percentage points b. 0.1373 percentage points c. 0.4926 percentage points d. 0.0463 percentage points

d. 0.0463% points.

Step-by-step explanation:

We have been given that Anna's bank gives her a loan with a stated interest rate of 10.22%.

To find the how mush the interest rate is effective, while compounded daily than compounded monthly, we will find the difference between interest compounded daily from interest compounded monthly.

Let us convert our given rate in decimal form.

Upon substituting our given interest rate in above equation we will get,

Let us convert our rate in percentage by multiplying our answer by 100.

Therefore, the Anna's effective interest rate will be 0.04633% points and option d is the correct choice.

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