Daily Rate
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Daily Rate
"Daily rate": The daily rate of interest (or yield) is a quoting convention for the simple interest nominal annual rate for compounding once per day. For example; if the quoted daily rate is 5. 11%, the amount of interest compounded daily is 5. 11%/365 = 0. 014% (= 0. 00014). Not to be confused with the annual effective rate, which in this case would be 1. 00014365 - 1 = 5. 24%.
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