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last National Bank is sending alumni of universities applications to obtain a credit card with the...

last National Bank is sending alumni of universities applications to obtain a credit card with the name of their university written on it. They state the APR will be 9.9% and the interest will apply to the outstanding debt if not paid by the due date each month. Thus, interest is compounded monthly. However, if you fail to make the minimum payment in any month, your interest rate could increase (without notice) to an APR of 19.99%. Calculate the effective annual interest rate the credit card company is charging in both cases

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