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OpenStudy (anonymous):
A credit card had an APR of 17.84% all of last year and compounded interest daily. What was the credit card's effective interest rate last year? A.19.37% B.17.84% C.11.95% D.19.53%
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Directrix (directrix):
@soababy18 I used the online conversion calculator at: http://garymatthias.com/apr-to-apy-calculator/
Directrix (directrix):
I entered 365 for the compounding time although I have heard that 360 is the number of days in a bank's "year."
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