If monthly compounding is in effect what is the effective, Financial Management

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If monthly compounding is in effect what is the effective

A large bank has increased its annual percentage rate (APR) on credit cards to 31?%. 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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Financial Management: If monthly compounding is in effect what is the effective

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Financial Management: If monthly compounding is in effect what is the effective

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