What's the EAR, or effective annual rate, on the credit card? % (Round to two decimal places.)

(Calculating the effective ennua\ rate) You've just received an offer from a bank for a credit card with a quoted rate, or APR, of 12 percent compounded daily. What's the EAR, or effective annual rate, on the credit card? What's the EAR, or effective annual rate, on the credit card? (Round to two decimal places.)