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A credit card had an APR of 14.86% all of last year, and compounded interest daily. What was the credit card's effective interest rate last year? A. 15.92% B. 16.02% C. 15.…

A credit card had an APR of 14.86% all of last year, and compounded interest daily. What was the credit card's effective interest rate last year? A. 15.92% B. 16.02% C. 15.…
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1 vote
A credit card had an APR of 14.86% all of last year, and compounded interest

daily. What was the credit card's effective interest rate last year?

A. 15.92%
B. 16.02%
C. 15.41%
D. 15.71%

asked
User Verloren
by
7.8k points

2 Answers

5 votes

Answer:

16.02

just want the points.

answered
User Mehdi Asgari
by
8.1k points
4 votes

Answer:

16.02%

Explanation:

(1+(0.1486/365))^365

answered
User DGarvanski
by
8.2k points
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