2 \begin{tabular}{l|l|} \hline \multicolumn{2}{|l}{ DETERMINE the EAR } \\ \cline { 2 - 2 } RATE & \\ \cline { 2 - 2 } NPER & \\ \cline { 2 - 2 } PMT & \\ \cline { 2 - 2 } PV & \\ \cline { 2 - 2 } FV & \\ \cline { 2 - 2 } TYPE & \\ \cline { 2 - 2 } GUESS & \\ \cline { 2 - 2 } & \\ \end{tabular} Text: A credit card corporation states that their APR is 24.0% and it is calculated monthly. What is their effective annual rate? Solution