A credit card had an APR of 17.84% all of last year and compounded interest daily. What was the credit card’s effective interest rate last year? A.19.37% B.17.84% C.11.95% D.19.53%

Students were inquired to answer a question at academics and to indicate what is most important for them to succeed. One that response stood out from the rest was practice. Successful persons are definitely not born successful; they become successful via hard work and dedication. If you want to complete your goals, keep this in mind! following some question and answer examples that you could possibly use to boost your knowledge and gain insight that will guide you to keep up your school studies.

Question:

A credit card had an APR of 17.84% all of last year and compounded interest daily. What was the credit card’s effective interest rate last year? A.19.37% B.17.84% C.11.95% D.19.53%

Answer:

The solution to the problem is as follows:

((1+.1784/365)^365) – 1 =.1953=19.53%

Therefore, best and most correct answer among the choices provided by your question is the fourth choice or letter D. 19.53%

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They would certainly hopefully guide the student answer the question by making use of the questions and answer examples. Then would possibly make some sharing in a group discussion and also learning with the classmate around the topic, so another student also has some enlightenment and still keeps up the school learning.

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