You are considering two ways of financing a spring break
vacation. You could put it on your credit card, at 17% APR,
compounded monthly, or borrow the money from your parents, who
want an interest payment of 10% every six months. Which is the
lower rate? (Note: Be careful not to round any intermediate
steps less than six decimal places.) The effective annual rate for
your credit card is nothing %. (Round to two decimal
places.)