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A credit card had an APR of 25.67% all of last year and compounded interest daily. What was the credit card's effective interest rate last year? a 28.25% b 29.25% c 28.92% d 27.32%
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21 votes
21 votes
A credit card had an APR of 25.67% all of last year and compounded interest daily. What was the credit card's effective interest rate last year?

a
28.25%
b
29.25%
c
28.92%
d
27.32%

User Bitstream
by
2.7k points

2 Answers

27 votes
27 votes
I think it is B
Hope this is right!!!
User Bagaskara
by
3.3k points
11 votes
11 votes

Answer:

The answer is 29.25%.

Explanation:

User Sclarky
by
2.9k points
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