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starrhunter
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Herman opened a credit card at a department store with an APR of 24.45% compounded semiannually. What is the APY on this credit card?
 one year ago
 one year ago
starrhunter Group Title
Herman opened a credit card at a department store with an APR of 24.45% compounded semiannually. What is the APY on this credit card?
 one year ago
 one year ago

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amistre64 Group TitleBest ResponseYou've already chosen the best response.0
assume a balance of 100, what do you get for the balance at the end of the year when compounding?
 one year ago

amistre64 Group TitleBest ResponseYou've already chosen the best response.0
semiannually means 2 times a year the stated APR is for 1 year, so half it to the period rate
 one year ago

starrhunter Group TitleBest ResponseYou've already chosen the best response.0
i get 125.94
 one year ago

starrhunter Group TitleBest ResponseYou've already chosen the best response.0
but i still dont know how to find apy
 one year ago

amistre64 Group TitleBest ResponseYou've already chosen the best response.0
125.94 is good; subtract the original 100
 one year ago

amistre64 Group TitleBest ResponseYou've already chosen the best response.0
or look at it this way: APY is simple interest 100(APY) = 125.95
 one year ago

starrhunter Group TitleBest ResponseYou've already chosen the best response.0
25.94 is the apy?
 one year ago

starrhunter Group TitleBest ResponseYou've already chosen the best response.0
awesome
 one year ago
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