christyfaithg christyfaithg
  • 29-06-2018
  • Mathematics
contestada

Edith opened a credit card at a department store with an APR of 23.73% compounded daily. What is the APY on this credit card?

Respuesta :

sqdancefan
sqdancefan sqdancefan
  • 29-06-2018
The effective annual rate is
  (1+r/n)^n -1
where r is the nominal rate and n is the number of compoundings per year.

You have r = 0.2373 and n=365, so the APY is
  APY = (1 +0.2373/365)^365 -1 ≈ 26.77%
Answer Link

Otras preguntas

A line passes through the points (-1,-4) and (-2,0). What is the equation of this line?
The fact that the earth is an ecosystem means which of the following? A- what happens in one part of the ecosystem will affect other parts B- as long as pollu
What resulted from a 1961 conference in Vienna between President John F. Kennedy in Nikita Khrushchev
During the Yalta Conference, the Allies decided to: A. create the United Nations. B. pardon Germany's war crimes. C. accept Germany's surrender terms. D. invade
What is number 1 and 2
Line segment AB has endpoints A (-10,4) and B(-6,2).What is the equation of the line perpendicular to AB that passes through the point (1,2)
I need help with #5 as well thank you
which one is the better buy $3 and 2 refills $4 and 3 refills
I WILL MAKE YOU THE BRAINLIEST EASY QUESTION
A rectangle has a length five less than the width if the perimeter is 14 units find the width and length