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icang [17]
3 years ago
12

A credit card had an APR of 17.84% all of last year and compounded interest daily. What was the credit card's effective interest

rate last year? A.19.37% B.17.84% C.11.95% D.19.53%
Mathematics
2 answers:
Andreas93 [3]3 years ago
3 0
The solution to the problem is as follows:

<span>((1+.1784/365)^365) - 1 =.1953=19.53%
</span>
Therefore, best and most correct answer among the choices provided by your question is the fourth choice or letter D. 19.53%

I hope my answer has come to your help. Thank you for posting your question here in Brainly. We hope to answer more of your questions and inquiries soon. Have a nice day ahead!
grin007 [14]3 years ago
3 0

Answer:

19.53%

Step-by-step explanation:

Apex

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Take the logarithm of both sides. The base of the logarithm doesn't matter.

4^{5x} = 3^{x-2}

\implies \log 4^{5x} = \log 3^{x-2}

Drop the exponents:

\implies 5x \log 4 = (x-2) \log 3

Expand the right side:

\implies 5x \log 4 = x \log 3 - 2 \log 3

Move the terms containing <em>x</em> to the left side and factor out <em>x</em> :

\implies 5x \log 4 - x \log 3 = - 2 \log 3

\implies x (5 \log 4 - \log 3) = - 2 \log 3

Solve for <em>x</em> by dividing boths ides by 5 log(4) - log(3) :

\implies \boxed{x = -\dfrac{ 2 \log 3 }{ 5 \log 4 - \log 3 }}

You can stop there, or continue simplifying the solution by using properties of logarithms:

\implies x = -\dfrac{ \log 3^2 }{ \log 4^5 - \log 3 }

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