b$)$ Your credit card company quotes an annual interest rate of $24\%.$ You remember your Principles of Finance instructor talking about compounding period and its impact on the interest rate that a consumer actually pays. You dig deeper in the fine print and find that the quoted interest rate is based on monthly compounding. What interest rate would you effectively pay if you charged a new phone to your credit card and repaid after two years. Explain, using the relevant formula.

$10$