whiteblaine5230 whiteblaine5230

19-05-2021
Business

contestada

A credit card had an Apr of 12.87% all of last year and compounded interest daily. What was the credit card's effective interest rate last year?

Respuesta :

ewomazinoade ewomazinoade

19-05-2021

Answer:

13.73%

Explanation:

Effective annual rate = (1 + APR / m ) ^m - 1

M = number of compounding = 365

[tex](1 + \frac{0.1287}{365} )^{365} - 1[/tex]

[tex](1.000353)^{365} - 1[/tex] = 0.1373 = 13.73%

Answer Link

Otras preguntas

The measures of two corresponding altitudes of two similar triangles are 6 m and 14 m. If the perimeter of the first triangle is 21 m, what is the number of met

Which table represents a linear function?

Ezra is training for a track race. he starts by sprinting 100 yards. he gradually increases his distance, adding 5 yards for 21 days. the explicit formula that

Which equation finds the area of a square with a side length of 5n^4 units? (5n^4)^2=25n^8 square units (5n^4)^2=5n^8 square units square units 5( n^4)^2=5n^8

Find the area of the figure.

How are the triangular numbers related to the consecutive numbers 1, 2, 3, 4, 5, 6, 7, ...?

Can someone please help me with this question?

What is the current total fertility rate (tfr) for the world as a whole?

If there is an increase in evaporation do to higher ocean surface temperatures, What prices would need to increase to keep the water cycle balance? evapotranspi

Mountains that are formed detween two large faults are know as