EAR = (1+APR/n)^n -1, where n is the number of compounding periods per year. Benny’s credit card APR is 21.55% compounded daily. What is his actual interest rate per year—that is, his EAR?

His actual interest rate per year is 24.04%.

Step-by-step explanation:

Given : where n is the number of compounding periods per year. Benny’s credit card APR is 21.55% compounded daily.

To find : What is his actual interest rate per year—that is, his EAR?

Solution :

The formula of EAR is  

Here, APR = 21.55%=0.2155

n=365 (compounded daily)

Substitute the value,

Therefore, His actual interest rate per year is 24.04%.

steve should create a type of business report called a business plan. the correct option among the options that are already given in the question is the last or the fourth option. this business report created by steve will actually influence the investors about investing their money in steve's business. this business report will have all the details about the business, the amount of investment required and the amount of expected profit.

12

step-by-step explanation: