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DigiCom wants to drop the effective rate of interest on its credit card by 2%. If it currently charges a nominal rate of 8% compounded daily, at what value should it set the new nominal rate? Note: Please make sure your final 
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what is the effective rate formula? There are numerous effective rate formulas in math. You will need to be more specific. 
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$1000 was invested for two years at 10% simple interest .calculate the effective rate was earned. pls check my solve (1+0.1/2)^21 = 0.1025 but the true answer is 9.54% pls help me to get the formula of effective rate