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Credit card issuers must by law print their Annual Percentage Rate (APR) on their monthly statements. If the APR is stated to be 16%. with

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Credit card issuers must by law print their Annual Percentage Rate (APR) on their monthly statements. If the APR is stated to be 16%. with interest paid monthly, what is the EAR (Effective Annual Rate) on the card? Select one: O a. 12.91% b. 17.23% c. 15.59% d. 16.71% e. 16.08%

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