Let P = the principal
The apr is r = 15.21% = 0.1521
The compounding interval is n = 365
The time is t = 1 year
The value after 1 year is
[tex]A=P(1+ \frac{r}{n} )^{nt}[/tex]
That is,
A = P(1 + 0.1521/365)³⁶⁵ = 1.1642P
The interest is 1.1642P - P = 0.1642P
The effective percent interest rate is
100(0.1642P/P) = 16.42%
Answer: 16.42%
