Monica sees Rosss credit card bill and notices that he has a balance of $7,650. She wants to try and make Ross see that his credit card company is really imposing a huge drag on his wallet. She starts by pointing out the the card charges a nominal 23.75% rate, but since Ross must make monthly payments, this amounts to monthly compounding. What is Rosss effective rate?

A). 28.90%

B). 30.23%

C). 26.51%

D). 26.78%

E). 28.37%