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Jilian is paying an effective annual rate of 16.36% on her credit card, compounded monthly. The annual percentage rate on her account is closed to:

Jilian is paying an effective annual rate of 16.36% on her credit card, compounded monthly. The annual percentage rate on her account is closed to: A) 15.44% B) 17.64% C) 15.25% Please explain the answer without excel. thanks

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