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solution

Maxim, a newly graduated student, just moved to a new city to start his first job. In order to assist him with moving expenses, he applied for a credit card. According to its terms, for any payment he makes within a month from the date of purchase, he will be charged no interest; however, if he does not pay off the full balance, interest will be charged daily on the remaining balance effective from the date of purchase. Every month he must make a minimum payment. On May 05, Maxim spent $1850 of his $2000 credit card limit buying furniture for his new apartment. He didn’t make any other purchases in the month of May.

Question: What semi-annually compounding rate is equivalent to his daily-compounding credit card rate?

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