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

question 35

Multiple Choice

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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Definitions:

Note Receivable

A financial asset representing a written promise from a borrower to pay a certain sum of money to the lender at a future date.

Interest Collected

The amount of money received by an entity as interest from loans, investments, or savings accounts.

Journalize

The process of recording business transactions in the journal of an accounting system.

Petty Cash Fund

A modest sum of money maintained for covering small or unforeseen costs.