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Suppose your credit card issuer states that it charges a 25.00% nominal annual rate, but you must make monthly payments, which amounts to monthly compounding.

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Suppose your credit card issuer states that it charges a 25.00% nominal annual rate, but you must make monthly payments, which amounts to monthly compounding. What is the effective annual rate? Select the correct answer. O a. 28.07% O b.28.17% O c. 28.27% d. 27.97% e. 27.87%

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