Question: Debra is considering taking out a member- ship in her local fitness club. If she pays for a 2-year membership in advance, the cost is

Debra is considering taking out a member- ship in her local fitness club. If she pays for a 2-year membership in advance, the cost is $698. If she makes monthly payments over the same 2 years, she would have to pay $34 at the beginning of each month. What is the monthly compounded nominal rate charged for the payment plan?

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