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a. A Visa credit card issued through Chase Bank carries an interest rate of 5% per month on the unpaid balance. Calculate the effective rate

a. A Visa credit card issued through Chase Bank carries an interest rate of 5% per month on the unpaid balance. Calculate the effective rate per semiannual period. b. If the cards interest rate is stated as 6% per quarter, find the effective semiannual and annual rates.

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