This question: 2 point(s) possible $K$ An account has a rate of $2.2 \%$. Find the effective annual yield if the interest is compounded daily. (Assume 365 days in a year.) (i) Click the icon to view some finance formulas. The effective annual yield is $\square \%$. (Round to the nearest hundredth as needed.)

Step 1 ：Use the compound interest formula \( A = P(1 + \frac{r}{n})^{nt} \) to find the effective annual yield with daily compounding

Step 2 ：Set \( P = 1 \) and \( t = 1 \) year to simplify the calculation

Step 3 ：Calculate the effective annual yield using \( (1 + \frac{r}{n})^{n} - 1 \), where \( r = 0.022 \) and \( n = 365 \)

Step 4 ：Round the effective annual yield to the nearest hundredth

Step 5 ：The effective annual yield is \( \boxed{2.22\%} \)