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MasterCardcharges interest on a monthly basis and is currently offering customers a credit card with a 12.2% per annum nominal interest rate. What is the

MasterCardcharges interest on a monthly basis and is currently offering customers a credit card with a 12.2% per annum nominal interest rate. What is the effective annual rate being charged? (Please type your answer in decimals e.g. 10.1% should be shown as 0.101.)

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