Question: You opened your credit card statement and observed that APR quoted is 8% per year. What is the Effective Annual Rate (EAR), if interest is

You opened your credit card statement and observed that APR quoted

You opened your credit card statement and observed that APR quoted is 8% per year. What is the Effective Annual Rate (EAR), if interest is computed monthly? Enter your answer in the following format: 0.1234 Hint: Answer is between 0.0747 and 0.0896

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