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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%

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%
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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%

asked
User Slebetman
by
9.1k points

1 Answer

3 votes
Semiannually means two.
so add 24.45 + 24.45
the answer would be A) 48.90%
answered
User Shazhad Ilyas
by
9.2k points
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