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OpenStudy (anonymous):
@John_ES @jeetster 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. 17.84% B. 13.37% C. 12.64% D. 11.91% @CarlosGP @texaschic101
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OpenStudy (anonymous):
\[I=(1+APR/36500)^{365}-1= (1+11.91/36,500)^{365}-1=0.1265\]Then a 12.65%
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