Suppose your credit card issuer states that it charges a 24.50% nominal annual rate, but you must make monthly payments, which amounts to monthly compounding. What is the effective annual rate? O a. 26.00% b. 24.50% c. 26.56% O d. 27.45% Oe. 26.84%

Suppose your credit card issuer states that it charges a \24.50 nominal annual rate, but you mast make monthly payments, which amounts to monthly compounding What is the effective annual rate? a. 26.004 b. \\( 2450 \\mathrm{~s} \\) c. 26.504 d.27.454 e. 26.5an