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You are considering two ways of financing a spring break vacation. You could put it on your credit card, at APR, compounded monthly, or borrow

You are considering two ways of financing a spring break vacation. You could put it on your credit card, at APR, compounded monthly, or borrow the money from your parents, who want an interest payment of every six months.

Which is the lower rate?(Note: Be careful not to round any intermediate steps less than six decimal places.)

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