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Compounding interest extends stated rates (e.g. APRs) on consumer lending and investments. What is the effective rate on a credit card with a nominal rate

Compounding interest extends stated rates (e.g. APRs) on consumer lending and investments. What is the effective rate on a credit card with a nominal rate of 15.99%? (Assume daily compounding.):

A)15.99%

B)16.21%

C)16.88%

D)17.34%

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