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17 Master Card and other credit card issuers must print the nominal annual rate (APR) on their monthly statements. If the APR is stated as

17
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Master Card and other credit card issuers must print the nominal annual rate (APR) on their monthly statements. If the APR is stated as 22.45%, but interest is compounded monthly, what is the card's effective annual rate (EFF\%)? Your answer should be between 16.82 and 29.74, rounded to 2 decimal places, with no special characters

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