Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Your credit card has a nominal interest rate of 21.50% Interest is paid on a monthly basis. What is the effective annual rate of return

image text in transcribed

Your credit card has a nominal interest rate of 21.50% Interest is paid on a monthly basis. What is the effective annual rate of return (EAR)? r=21.50/100

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Finance questions