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?

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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?

Mathematics
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At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.

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assume a balance of 100, what do you get for the balance at the end of the year when compounding?
semiannually means 2 times a year the stated APR is for 1 year, so half it to the period rate
i get 125.94

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Other answers:

but i still dont know how to find apy
125.94 is good; subtract the original 100
or look at it this way: APY is simple interest 100(APY) = 125.95
25.94 is the apy?
yep
awesome

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