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20 October, 08:02

A credit card had an APR of 14.86% all of last year, and compounded interest

daily. What was the credit card's effective interest rate last year?

A. 15.92%

B. 16.02%

C. 15.41%

D. 15.71%

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Answers (1)
  1. 20 October, 09:52
    0
    16.02%

    Step-by-step explanation:

    (1 + (0.1486/365)) ^365
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