Asked by sarah

A credit card had an APR of 23.51% all of last year and compounded interest daily. What was the credit card's effective interest rate(EIR) last year? Show your work.
Answered by Scott
{[1 + (.2351 / 365)]^365} - 1
Answered by Q
A credit card had an APR of 14.86% all of last year, and compounded interest daily. What was the credit cards effective interest rate last year
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