Iqbal just finished his first year at Concordia and in April returned to his parent's home in

Quebec City for the summer where he started his internship that paid $$\frac{30}{?}$ hour. Iqbal

thought it was time to apply for his first credit card especially as he noticed his university

roommates getting perks when paying their expenses using their credit cards. As soon as

he arrived at his parents' home, he researched the best card for his needs. He applied for

and received the BMO CashBack$$ Mastercard$*$ card for students on May $1$st$.$ Within

weeks, however, he maxed out the card. Fortunately, he was able to pay off the entire

amount with his first summer pay cheque, however after the payment, he immediately took

a cash advance for the entire credit limit and is now having difficulty paying off the July

amount due. His focus is on repaying his parents for the money they lent him to buy a car.

What is Iqbal's Effective Annual Rate $($EAR$)$ on his credit card for cash advances? Hint: use

the credit card link above for details as well as $365$ days for compounding. Set your

calculator to two decimal places.

a$)20\mathrm{.}99\%$

d$)21\mathrm{.}99\%$

e$)22\mathrm{.}99\%$

Best overall student card

BMO CashBack" Mastercard"$*$ for

Students

f$)24\mathrm{.}59\%{?}_{?}$

g$)25\mathrm{.}84\%$