An article in Business Week discussed the large spread between the federal funds rate and the average credit card rate. The table below is a frequency distribution of the credit card rate charged by the top100 issuers.

Credit Card Rate	Frequency
16%-21%	24
15%-15.9%	9
14%-14.9%	10
13%-13.9%	27
12%-12.9%	30

Copy Data

Step1of2:

Calculate the average credit card rate charged by the top100 issuers based on the frequency distribution. Round your answer to two decimal places.