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You recently received a letter from Cut-to-the-Chase National Bank that offers you a new credit card that has no annual fee. It states that the

You recently received a letter from Cut-to-the-Chase National Bank that offers you a new credit card that has no annual fee. It states that the arnual percentage rate (APR) is 11 percent on outstanding balances: What is the eflective annual interest rate? (This rate is subject to monthly compounding.) Record your ancwer as a decimal

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