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2. Suppose a credit card charges an annual percentage rate (APR) equal to 15.24% per year....

2. Suppose a credit card charges an annual percentage rate (APR) equal to 15.24% per year.

a) What is the periodic monthly rate charged?

b) What is the corresponding effective annual rate (EAR)?

c) What is the continuously compounded interest corresponding to the EAR calculated in part b?

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