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Suppose your credit card issuer states that it charges a 15.50% nominal annual rate, but you must make monthly payments, which amounts to monthly compounding.

Suppose your credit card issuer states that it charges a 15.50% nominal annual rate, but you must make monthly payments, which amounts to monthly compounding. What is the effective annual rate?

a. 17.15%
b. 16.65%
c. 15.65%
d. 16.15%
e. 17.65%

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