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6 June, 16:58

Jays credit card had an apt of 16.53% all of last year, and interest was compounded periodically throughout the year. Which of these statements accurately describes the effective interest rate of jays credit card last year?

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  1. 6 June, 17:06
    0
    The formula is

    Effective interest rate = (1 + i/n) ^n - 1
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