Herman Opened a credit card at a department store with an APR of 24.45% compounded semiannually. What is the APY on his credit card? A) 48.90% B) 12.13% C) 33.63% D) 25.94%

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asked Feb 1, 2017 183k views

4 votes

Herman Opened a credit card at a department store with an APR of 24.45% compounded semiannually. What is the APY on his credit card?

A) 48.90%
B) 12.13%
C) 33.63%
D) 25.94%

Mathematics
high-school

Slebetman asked

by Slebetman

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1 Answer

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Semiannually means two.
so add 24.45 + 24.45
the answer would be A) 48.90%

Shazhad Ilyas answered Feb 6, 2017

by Shazhad Ilyas

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