anonymous
  • 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%
Mathematics
schrodinger
  • schrodinger
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jim_thompson5910
  • jim_thompson5910
Use the formula APY = (1 + r/n)^n - 1 where APY = annual percentage yield r = APR n = compounding frequency
jim_thompson5910
  • jim_thompson5910
In this case APY = unknown (solving for this) r = 0.1999 n = 12
anonymous
  • anonymous
So I would just plug in what I know into the equation then?

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jim_thompson5910
  • jim_thompson5910
yes correct
anonymous
  • anonymous
Thank you
jim_thompson5910
  • jim_thompson5910
yw

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