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A microfinance company in a developing country charges petty traders interest rate of 7.5 percent per month. What is the effective annual rate being charged

A microfinance company in a developing country charges petty traders interest rate of 7.5 percent per month. What is the effective annual rate being charged the petty traders?

Group of answer choices

138 percent

147 percent

175 percent

90 percent

105 percent

(Just need the answer. Thank you.)

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