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A large bank has increased its annual percentage rate (APR) on credit cards to 35%. This move was necessary because of the additional risks faced

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A large bank has increased its annual percentage rate (APR) on credit cards to 35%. This move was necessary because of the "additional risks" faced by the bank in a weak economy. If monthly compounding is in effect, what is the effective annual interest rate being charged by the bank? Cevap

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