Question

Herman Opened a credit card at a department store with an APR of 24.45% compounded semiannually. What is the APY on his credit card?
A) 48.90%
B) 12.13%
C) 33.63%
D) 25.94%

Answer 1

Semiannually means two. 
so add 24.45 + 24.45
the answer would be A) 48.90%