A credit card company advertises an APR of 15.3% compounded daily. What is the effective interest rate? Round your answer to two decimal places.

16.53%

Explanation:

Given the following :

Annual percentage rate(r) = 15. 3% = 0.153

n = number of compounding periods in a year

p = number of compounding periods rate is required for

Number of days in a year = 365 = n

p = 365

Effective interest rate (E) is given as :

E = [( 1 + (r / n) )^p] - 1

E = [(1 + (0.153 / 365)) ^365] - 1

E = [ (1 + 0.0004191) ^365] - 1

E = [1.0004191^365] - 1

E = 1.1652876 - 1

E = 0.1652876

Effective Interest rate = (0.1652876 × 100)%

Effective interest rate = 16.53%

1) the stages a new product goes through from beginning to end, i.e., the stages that a product passes through from introduction through growth, maturity, and decline. 2) the time from initial research and development to the time at which sales and support of the product to customers are withdrawn. 3) the period of time during which a product can be produced and marketed profitably.

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