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5. You sign up for a new credit card with an Annual Percentage Rate (APR) of 18%. Interest is compounded on a monthly basis. What

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5. You sign up for a new credit card with an Annual Percentage Rate (APR) of 18%. Interest is compounded on a monthly basis. What is the Effective Annual Rate (EAR) on this credit card? A. B. C. D. 18% 19.06% 19.98% None of the above

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