Discover new knowledge and insights with IDNLearn.com's extensive Q&A database. Discover in-depth and reliable answers to all your questions from our knowledgeable community members who are always ready to assist.

A credit card had an APR of 25.67% all of last year and compounded interest daily. What was the credit card's effective interest rate last year?

a
28.25%
b
29.25%
c
28.92%
d
27.32%