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OpenStudy (anonymous):
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?
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OpenStudy (anonymous):
So formula is APY=(1+P)^n-1 and I did
OpenStudy (anonymous):
APY=(1+0.1999/12)^12-12
OpenStudy (anonymous):
and got wait I did 12 -1 instead of 12-12
OpenStudy (alexwee123):
well first of all do you know what APY stands for?
OpenStudy (anonymous):
Annual Percentage Yield Ok so I got 1.01665833333333 what did I do wrong?
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OpenStudy (anonymous):
because that is not one of my answer choices
OpenStudy (alexwee123):
what are the choices? :/
OpenStudy (anonymous):
39.98% 26.81% 21.93% 1.67%
OpenStudy (anonymous):
I am supposed to solve with APY=(1+0.1999/12)^12-1
OpenStudy (alexwee123):
|dw:1337236280249:dw|
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