3-50 First Bank is sending alumni of universities an invi- tation to obtain a credit card, with the name of their university written on it, for a nominal 9.9% interest per year after 6 months of 0% interest. These inter- est rates apply to the outstanding debt if not paid by a specified date each month, and hence interest is compounded monthly. If you fail to make the mini- mum payment in any month, your interest rate could increase (without notice) to a nominal 19.99% per year. Calculate the effective annual interest rates the