22. A credit card has an APR of 14.9 percent and charges interest monthly. The effective annual rate on this account: a. will be less than 14.9 percent. b. can either be less than or equal to 14.9 percent. c. will equal 14.9 percent. d. can either be greater than or equal to 14.9 percent. e. will be greater than 14.9 percent.

23. Global Enterprises has just signed a $3 million contract. The contract calls for a payment of $.5 million today, $.9 million one year from today, and $1.6 million two years from today. What is this contract really worth if Global Enterprises can earn 12 percent on its money? a. $2.21 million b. $2.30 million c. $2.39 million d. $2.49 million e. $2.58 million

Please break answer down and show using calculator, thank you!