A credit card advertises that its nominal annual interest rate is 23% per year and that it compounds its interest daily.

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answerhappygod
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A credit card advertises that its nominal annual interest rate is 23% per year and that it compounds its interest daily.

Post by answerhappygod »

A credit card advertises that its nominal annual interest rate
is 23% per year and that it compounds its interest daily. What is
the effective annual interest rate (APY) for this credit
card?
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