SOLUTION: Ellen’s charge card statement states that the effective annual interest rate is 18.9%. Calculate the nominal rate of interest compounded daily.

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Question 460360: Ellen’s charge card statement states that the effective annual interest rate is
18.9%. Calculate the nominal rate of interest compounded daily.
Found 2 solutions by stanbon, MathOclock:
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
Ellen’s charge card statement states that the effective annual interest rate is
18.9%. Calculate the nominal rate of interest compounded daily.
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(1+ 0.189/365)^(365*1) = 1.21
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nominal rate of interest compounded daily = 21%
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Cheers,
Stan H.

Answer by MathOclock(6) About Me  (Show Source):
You can put this solution on YOUR website!
What Stanbons answer was was correct but theres mor work he left out