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8. Your credit card company quotes you a rate of 12 percent. Interest is billed quarterly. What is the effective annual rate of interest? a.

8. Your credit card company quotes you a rate of 12 percent. Interest is billed quarterly. What is the effective annual rate of interest?

a. 12.6

b. 10.5

c. 11.6

d.8.2

e.9.6

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