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Your credit card charges 24.50% on an annual basis and the interest is compounded monthly. What effective annual interest rate (EAR) are you paying? Select

Your credit card charges 24.50% on an annual basis and the interest is compounded monthly. What effective annual interest rate (EAR) are you paying? Select one: a. 28.82% b. 29.37% c. 27.45% d. 29.78%

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