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You get a new credit card from your bank. The document that comes with the card informs you that the interest rate on that card

You get a new credit card from your bank. The document that comes with the card informs you that the interest rate on that card is 22.8% APR. What is the effective annual rate you'll actually be paying? The credit card company uses monthly compounding of interest.

Enter your answer as a percentage, rounded to 2 decimals, and without the percentage sign ('%'). For example, if your answer is 0.23456, then enter 23.46

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