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Effective annual interest rate

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Reference no: EM133122025

You just got a credit card with a 20.99% APR. The credit card issuer tells you in the agreement that the interest on your outstanding balance is compounded daily, what is the effective annual interest rate that you agree to bear?

Please round up your answers to two decimals and type answer without the percentage sign. E.g. if you answer is 15.856%, type 15.86

Reference no: EM133122025

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