anonymous
  • anonymous
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
schrodinger
  • schrodinger
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amistre64
  • amistre64
assume a balance of 100, what do you get for the balance at the end of the year when compounding?
amistre64
  • amistre64
semiannually means 2 times a year the stated APR is for 1 year, so half it to the period rate
anonymous
  • anonymous
i get 125.94

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anonymous
  • anonymous
but i still dont know how to find apy
amistre64
  • amistre64
125.94 is good; subtract the original 100
amistre64
  • amistre64
or look at it this way: APY is simple interest 100(APY) = 125.95
anonymous
  • anonymous
25.94 is the apy?
amistre64
  • amistre64
yep
anonymous
  • anonymous
awesome

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