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.

16.52%

Step-by-step explanation:

The effective interest rate is the real interest rate you have to pay on a loan when the compounding effect is considered. The formula to calculate it is:

Effective annual interest rate= (1+)^n-1

i= interest rate: 15.3%

n= number of compounding periods: 365 as it is compounded daily and a year has 365 days.

Effective annual interest rate= (1+(0.153/365))^365-1

Effective annual interest rate= 0.1652→16.52%

According to this, the effective interest rate is 16.52%.

b. 6

step-by-step explanation:

we are given the table representing an exponential function.

we can see from the table that, as x is increasing, the value of y is increasing in the power of 6.

i.e. the following relation is obtained,

x = 1, y = 6

x = 2, y = 36 =

x = 3, y = 216 =

x = 4, y = 1296 =

x = 5, y = 7776 =

so, the geometric series obtained is .

thus, the common ratio is given by = = 6.

hence, the common ratio is 6.