A credit card issued by the GECU credit union has an APR of 16% and an APY

Question:

A credit card issued by the GECU credit union has an APR of 16% and an APY of 16.64%.

(a) What is the compounding period?

(b) Use the EFFECT function to find the compounding period.

Compounding
Compounding is the process in which an asset's earnings, from either capital gains or interest, are reinvested to generate additional earnings over time. This growth, calculated using exponential functions, occurs because the investment will...

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