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

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

PLEASE HELP ASAP! 80 points!! What is the surface area of the solid that can be formed by this net? The net of a rectangular prism. It has a length of 5 inches,

The following production data were taken from the records of the Finishing Department for July: Inventory in process, March 1, 30% completed 4,000 units Transfe

Nadia Company, a merchandising company, prepares its master budget on a quarterly basis. The following data has been assembled to assist in preparation of the m

According to the Uniform Prudent Investors Act , it is NOT a breach of fiduciary duty if investment advisers do not inquire into a client's A) investment object

Danny’s boss is apathetic as to whether Danny works at home, at the office, or from his beach house. All he cares about is that the project is completed on time

On November 1, Jasper Company loaned another company $100,000 at a 6.0% interest rate. The note receivable plus interest will not be collected until March 1 of

30 POINTS GEOMETRY QUESTION

Read the following passage: FERDINAND O heaven, 0 earth, bear witness to this sound And crown what I profess with kind event If I speak true! if hollowly, inver

1. What is the procedure for appointing justices to the Supreme Court?

Deb works 19.5 hours at a car wash every week. She makes $12.80 per hour. Each week, she puts 1 4 of her earnings into her savings account. How much money does