Question

Help check my work

Answer 1

Sydney possesses a credit card with an APR of 21.34% compounded daily. What is the APY on this credit card?

Answer 2

so I did APY=(1+p)^n - 1

Answer 3

so i plugged in 21.34/365 = 0.2134

Answer 4

so than I did (1+0.2134) and get 1.2134

Answer 5

but when I multiply that to the power of 365 I got this extremely long 20 number

Answer 6

should be 0.2134/365
remember that 21.34 is a percent

Answer 7

ye but in my notes it says i should divide it by 356 or did I just messed up adnd wrote the wrong thing

Answer 8

you wrote the wrong thing :/
it's 0.2134/365 not 21.34/365

Answer 9

oh let me try and sove it with that

Answer 10

ok so after I get 1.2134 do I multiply it by the power of 365

Answer 11

the last part is what confuses me

Answer 12

ok I got 21.34 because I did what I got when I dived and multiplied it by 365 and got 21.34

Answer 13

you would not get 1.2134

Answer 14

I got 5.85 as my answer when I did 0.2134X365 and multiplied my answer by 365