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You have recently seen a credit card advertisement that states that the annual percentage rate is 7.8 percent. If the credit card requires monthly payments,

You have recently seen a credit card advertisement that states that the annual percentage rate is 7.8 percent. If the credit card requires monthly payments, what is the effective annual rate of interest on the loan? (Round answer to 2 decimal places, e.g., 12.25.)

Effective annual rate___________ %

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