Question

Jays credit card had an apt of 16.53% all of last year, and interest was compounded periodically throughout the year. Which of these statements accurately describes the effective interest rate of jays credit card last year?

Answer 1

The formula is
Effective interest rate = (1 + i/n)^n - 1

Answer 2

it was greater than 16.53% whether interest was compounded daily or montly

Explanation:

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