Good morning,

Please help me with these exercises.

1. A credit card compounds interest monthly and has an effective annual rate of 12.67%. what is the annual percentage rate?
2. you are the beneficiary of a life insurance policy. the insurance company offers two options for receiving the proceeds: a lump sum of $50,000 today or payments of $550 a month for ten years. if you can earn 6%, compounded monthly, which options should you take and why?

Thank you!