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The APR stated on your credit card is 24.99%. However, you notice in the fine print that interest on outstanding balances is compounded daily. If

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The APR stated on your credit card is 24.99%. However, you notice in the fine print that interest on outstanding balances is compounded daily. If you carry a balance on your credit card, what rate are you effectively paying? Assume 365 days per year. a) 28.06% b) 0.07% Oc) 24.99% d) 28.38% e) 22.31%

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