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5. A credit card offers an annual interest rate of 18%. When you read the fine print, you notice that interest is compounded monthly. What

5. A credit card offers an annual interest rate of 18%. When you read the fine print, you notice that interest is compounded monthly. What is the effective annual rate?

a) 17.56%

b) 19.41%

c) 19.25%

d) 19.56%

need to know how

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