A large bank has increased its annual percentage rate (APR) on credit cards to 30%. This move

Question:

A large 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 is in effect, what is the effective annual interest rate being charged by the bank?
Compounding
Compounding is the process in which an asset's earnings, from either capital gains or interest, are reinvested to generate additional earnings over time. This growth, calculated using exponential functions, occurs because the investment will...