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OpenStudy (anonymous):
earl opened a credit card at a department store with an APR of 20.95% compounded daily. What is the APY on this credit card? A. 5.74% B. 23.30% C. 41.90% D. 46.29%
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jimthompson5910 (jim_thompson5910):
Use the formula APY = (1 + r/n)^(n) - 1 where r = APR (in decimal form) n = compounding frequency
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