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a credit card has an interest rate of 23 per annum and charges interest daily calculate the effective annual rate on this

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A credit card has an interest rate of 23% per annum and charges interest daily. Calculate the effective annual rate on this card. (if the answer is 10.55%, write it as 0.1055, use four decimal points)

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Answer to a math question A credit card has an interest rate of 23% per annum and charges interest daily. Calculate the effective annual rate on this card. (if the answer is 10.55%, write it as 0.1055, use four decimal points)

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0.2585

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