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A credit card has an annual percentage of 12.9 percent and charges interest annually. The effective annual rate on this account: a) <12.9% b) less

A credit card has an annual percentage of 12.9 percent and charges interest annually. The effective annual rate on this account:

a) <12.9% b) less than or equal to 12.9% c) =12.9% d) >12.9%

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