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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?
 11 months ago
 11 months 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?
 11 months ago
 11 months ago

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amistre64Best 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?
 11 months ago

amistre64Best 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
 11 months ago

starrhunterBest ResponseYou've already chosen the best response.0
but i still dont know how to find apy
 11 months ago

amistre64Best ResponseYou've already chosen the best response.0
125.94 is good; subtract the original 100
 11 months ago

amistre64Best ResponseYou've already chosen the best response.0
or look at it this way: APY is simple interest 100(APY) = 125.95
 11 months ago

starrhunterBest ResponseYou've already chosen the best response.0
25.94 is the apy?
 11 months ago
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