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Memphic Memphic
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Posts: 728
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6 years ago
The effective annual rate for a credit card that charges a 19.9% APR compounded daily is closest to:
A) 18.15%
B) 19.9%
C) 22.0%
D) 24.2%
Textbook 
Corporate Finance: The Core

Corporate Finance: The Core


Edition: 4th
Authors:
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1 Reply

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Replies
wrote...
6 years ago
C
Explanation:  C) EAR = (1 + .199/365)365 - 1 = .220116
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