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A credit card company charges 10.5% interest per year compounded monthly. What effective annual interest rate does the company charge? A. 11.57% B. 12.42% C.

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A credit card company charges 10.5% interest per year compounded monthly. What effective annual interest rate does the company charge? A. 11.57% B. 12.42% C. 13.57% D. 9.45%

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