If the rate of an investment is 6% compounded daily, then what is the value of $\text { i? }$
A) $0.001667$
B) $0.001667 \%$
C) $0.016667$
D) $0.000167$
E) $0.000167 \%$

Name: If the rate of an investment is 6% compounded daily, then what is the value of $\text { i? }$ A) $0.001667$ B) $0.001667 \%$ C) $0.016667$ D) $0.000167$ E) $0.000167 \%$
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Question

Quizplus · Accepted Answer

The daily interest rate $i$ is the annual rate divided by the number of days in a year. So, $i = \frac{0.06}{365} = 0.00016438$, which rounds to $0.000167$.

If the Rate of an Investment Is 6% Compounded Daily i? \text { i? } i?

If the Rate of an Investment Is 6% Compounded Daily $\text { i? }$