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

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

starrhunter
 2 years ago
Best ResponseYou've already chosen the best response.0but i still dont know how to find apy

amistre64
 2 years ago
Best ResponseYou've already chosen the best response.0125.94 is good; subtract the original 100

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