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A credit card company runs an ad quoting a nominal interest

A credit card company runs an ad quoting a nominal interest rate of 29 percent on charges. What is the effective interest rate if interest is compounded quarterly? Monthly?

The effective annual rate is ________if compounded quarterly and _______ if compounded monthly

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Finance Basics: A credit card company runs an ad quoting a nominal interest

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Finance Basics: A credit card company runs an ad quoting a nominal interest

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