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Master Card and other credit card issuers must print the nominal annual rate (APR) on their monthly statements. If the APR is stated as 20.35%,

Master Card and other credit card issuers must print the nominal annual rate (APR) on their monthly statements. If the APR is stated as 20.35%, but interest is compounded monthly, what is the card's effective annual rate (EFF%)? Your answer should be between 16.82 and 29.74, rounded to 2 decimal places

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