A government-required truth-in-lending document showed that the APR was 21% and the APY was 22.71%. Determine the

Question:

A government-required truth-in-lending document showed that the APR was 21% and the APY was 22.71%. Determine the frequency at which the two rates are equivalent.

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...