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starrhunter
 2 years ago
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%
starrhunter
 2 years ago
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%

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jim_thompson5910
 2 years ago
Best ResponseYou've already chosen the best response.0Use the formula APY = (1 + r/n)^n  1 where APY = annual percentage yield r = APR n = compounding frequency

jim_thompson5910
 2 years ago
Best ResponseYou've already chosen the best response.0In this case APY = unknown (solving for this) r = 0.1999 n = 12

starrhunter
 2 years ago
Best ResponseYou've already chosen the best response.0So I would just plug in what I know into the equation then?
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