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You recently received a letter from What-Is-This National Bank that offers you a new credit card that has no annual fee. It states that the

You recently received a letter from What-Is-This National Bank that offers you a new credit card that has no annual fee. It states that the annual percentage rate (APR) is 17% on outstanding balances. If the card is billed monthly with monthly compounding, what is the effective annual rate? (round to two decimals)

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