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Your credit card company charges interest at the rate of 21.14% per year on outstanding balance but interest is charged monthly. Compute the effective rate

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Your credit card company charges interest at the rate of 21.14% per year on outstanding balance but interest is charged monthly. Compute the effective rate of interest you are actually paying using monthly compounding. Express the result in percent and keep two digits after the decimal point in the answer. (5 pts)

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