Investment 1:
Nominal Rate of 9% compounded daily on 365 day year.
Investment 2:
CD that offers $9,000 after 27 months. $7,000 required investment.
If you go with investment #2 by how much will the effective rate of return increase.
** I am able to figure out the EFF of Investment #1 but am having difficulty finding the Effective rate of return on Investment #2.