The Effective Annual Rate for a Credit Card That Charges

question 37

Multiple Choice

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%

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Definitions:

Replicability

The ability of an experiment or study to be duplicated exactly to verify results.

Materials

Substances or components that are used in the production or manufacturing of goods, or in the execution of projects and activities.

Methods

A systematic approach or procedure used in research, investigation, or to accomplish a specific task or solve a problem.

Unethical

Acting in ways that go against moral principles, often leading to actions that are considered wrong or unfair.