Suppose your credit card issuer states that it charges a 11

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Suppose your credit card issuer states that it charges a 11.50% nominal annual rate, but you must make monthly payments, which amounts to monthly compounding. What is the effective annual rate?

Select the correct answer.

a. 12.83%

b. 11.43%

c. 12.48%

d. 11.78%

e. 12.13%