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How Much Interest Earned On 7day Daily Compounded Interest For $500,000?

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ray of light Profile
ray of light answered
We xalculate the effective rate by this formula:
R = (1 + I/n)^n - 1
where
r = effective rate, I = nominal interest rate, and n= number of compounding periods,

You have not mentioned the nominal or effective interest rate in this question. One of these interest rates are needed to solve this question

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