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If a credit card charges a rate of 24% per year with monthly compounding, what rate are you actually paying? In other words, what is

If a credit card charges a rate of 24% per year with monthly compounding, what rate are you actually paying? In other words, what is the EAR? (Hint: calculate the period rate first and then plug into the EAR formula.) Answer as a percent. Enter only numbers and decimals in your response.

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