Question: Solve the problems below. Be sure to show your work. If you use the formula, be sure to write it out a long with each

Solve the problems below. Be sure to show your work. If you use the formula, be sure to write it out a long with each step.

As a college student, you have received two credit card offers. The first card has a 17% APR. An examination of the footnotes reveals that this card compounds monthly. The next credit card has a 16.25% APR and compounds weekly. What is the effective annual rate of the cheaper card?

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