tylonette
contestada

A credit card company advertises an APR of 14.7%, compounded daily. What
is the effective interest rate? Round your answer to two decimal places. ​

Respuesta :

Answer:

16%

Explanation:

Effective interest rate  = (1 + i/m)^m  - 1

                                    = (1 + 0.147/365)^365  - 1

                                    = 0.1583

                                    = 0.16 = 16%

Otras preguntas