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You opened your credit card statement and observed that APR quoted is 8% per year. What is the Effective Annual Rate (EAR), if interest is

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You opened your credit card statement and observed that APR quoted is 8% per year. What is the Effective Annual Rate (EAR), if interest is computed monthly? Enter your answer in the following format: 0.1234 Hint: Answer is between 0.0747 and 0.0896

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