a bank offered its clients a credit card which had a rate of 18.55% compounded daily. if it added 0.5% to the effective rate of interest on this card, what would be the nominal intrest rate compounded monthly?
a bank offered its clients a credit card which had a rate of 18.55% compounded daily. if it added 0.5% to the effective rate of interest on this card, what would be the nominal intrest rate compounded monthly?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:a bank offered its clients a credit card
which had a rate of 18.55% compounded
daily. if it added 0.5% to the effective rate
of interest on this card, what would be
the nominal intrest rate compounded
monthly?
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