Question

Bart opened a credit card at a department store with an APR of 19.99% compounded monthly. What is the APY on this credit card?

Answer 1

So formula is APY=(1+P)^n-1
and I did

Answer 2

APY=(1+0.1999/12)^12-12

Answer 3

and got wait I did 12 -1 instead of 12-12

Answer 4

well first of all do you know what APY stands for?

Answer 5

Annual Percentage Yield

Ok so I got 1.01665833333333 what did I do wrong?

Answer 6

because that is not one of my answer choices

Answer 7

what are the choices? :/

Answer 8

39.98%

26.81%

21.93%

1.67%

Answer 9

I am supposed to solve with APY=(1+0.1999/12)^12-1