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Suppose your credit card issuer states that it charges a 22.50% nominal annual rate, but you must make monthly payments, which amounts to monthly compounding.

Suppose your credit card issuer states that it charges a 22.50% nominal annual rate, but you must make monthly payments, which amounts to monthly compounding. What is the effective annual rate?

a. 24.23%

b. 24.97%

c. 22.50%

d. 24.47%

e. 23.77%

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