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Evaluate what is the effective annual rate

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Reference no: EM132765047

Problem 1: Suppose your credit card issuer states that it charges a 20.75% nominal annual rate, but you must make monthly payments, which amounts to monthly compounding. What is the effective annual rate?

Select the correct answer.

a. 23.84%
b. 21.84%
c. 22.84%
d. 23.34%
e. 22.34%

Reference no: EM132765047

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