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You recently received a letter from Cut-to-the-Chase National Bank that offers you a new credit card that has no annual fee. It states that the annual percentage rate (APR) is 20.8 percent on outstanding balances. What is the effective annual interest rate? (Hint: Remember these companies bill you monthly.) O 24.40% O 24.90% O 23.40% O 22.90% O 23.90% Elizabeth has $21,798.00 in an investment account. Her goal is to have the account grow to $92,969.00 in 13 years without having to make any additional contributions to the account. What effective annual rate of interest would she need to earn on the account in order to meet her goal? O 11.60% O 12.00% O 11.40% O 12.20% O 11.80%