Alarge bank has increased its annual percentage rate apr on, Engineering Mathematics

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Alarge bank has increased its annual percentage rate apr on

Question: Alarge bank has increased its annual percentage rate (APR) on credit cards to 30%. This move was necessary because of the "additional risks" faced by the bank in a weak economy. If monthly compounding is in effect, what is the effective annual interest rate being charged by the bank?

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Engineering Mathematics: Alarge bank has increased its annual percentage rate apr on

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Engineering Mathematics: Alarge bank has increased its annual percentage rate apr on

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