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The credit card of Alliance Bank has a nominal interest rate of 17.5%. What is the effective annual rate of this card if quarterly compounding

The credit card of Alliance Bank has a nominal interest rate of 17.5%. What is the effective annual rate of this card if quarterly compounding method is used?

Group of answer choices

A. 19.39%.

B. 18.68%.

C. 18.97%.

D. 18.81%

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