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Mathematics 14 Online
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? 39.98% 26.81% 21.93% 1.67%

jimthompson5910 (jim_thompson5910):

Use the formula APY = (1 + r/n)^n - 1 where APY = annual percentage yield r = APR n = compounding frequency

jimthompson5910 (jim_thompson5910):

In this case APY = unknown (solving for this) r = 0.1999 n = 12

OpenStudy (anonymous):

So I would just plug in what I know into the equation then?

jimthompson5910 (jim_thompson5910):

yes correct

OpenStudy (anonymous):

Thank you

jimthompson5910 (jim_thompson5910):

yw

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