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Mathematics 14 Online
OpenStudy (anonymous):

A credit card had an APR of 11.91% all of last year and compounded interest daily. What was the credit card's effective interest rate last year? A. 11.91% B. 13.37% C. 12.64% D. 17.84% @Euler271 @ganeshie8 @surjithayer @dumbcow

ganeshie8 (ganeshie8):

use the compound interest formula :- n = 365 r = .1191 t = 1

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