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Q. 7 & 8 QUESTION 7 You recently received a letter from Cut-to-the-Chase National Bank that offers you a new credit card that has no

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QUESTION 7 You recently received a letter from Cut-to-the-Chase National Bank that offers you a new credit card that has no annual fee. It states that the annual percentage rate (APR) is 18% on outstanding balances. If the card is billed monthly with monthly compounding, what is the effective annual rate? (round to two decimals) None of the available choices 1.50% 17.23% 19.56% 18.00% 6.00% QUESTION 8 What is the future value of a 10%, 14-year ordinary annuity that pays $688 each year? Assume annual compounding. (round your answer to the nearest dollar)

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