Jay's credit card had an APR of 16.53% all of last year, and interest was compounded periodically throughout the year. Which of these statements accurately describes the effective interest rate of Jay's credit card last year? A.It was less than 16.53% if interest was compounded daily, but not if interest was compounded monthly. B.It was greater than 16.53% if interest was compounded daily, but not if interest was compounded monthly. C.It was less than 16.53% whether interest was compounded daily or monthly. D.It was greater than 16.53% whether interest was compounded daily or monthly.

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