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Two credit cards both state an APR of 16%. First National Banks card charges 1.333% compounded monthly. First United Banks card charges 8% compounded semiannually
Two credit cards both state an APR of 16%. First National Banks card charges 1.333% compounded monthly. First United Banks card charges 8% compounded semiannually (twice a year). Given these APRs, what are the effective annual rates charged by these two credit cards?
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