In: Finance
Considering a 360 day year, daily interest rate would be = 3.5/360 = 0.009722%
To find quarterly rate
Quarterly rate will be, daily rate compounded 90 times ( since 90 days are there in a quarter)
Quarterly rate = (1+ 0.00009722)^90 - 1
= 1.0087879641 - 1
=0.008788
=0.8788%