You have just received your new credit card from BigBox Credit. The stated or nominal annual rate is 17.75%. This is also the APR. After reading the very fine print on your credit card contract, you find that interest is compounded on a monthly basis. Taking compounding into account, what is the effective annual rate of interest on the BigBox credit card? Take your answer out to 2 decimal places. a. Effective Rate = 21.27% b. Effective Rate = 19.27% c. Effective Rate = 12.97% d. Effective Rate = 17.75%