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Question: lionel has to pay a penalty for filing his taxes...

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Lionel has to pay a penalty for filing his taxes late. The IRS charges 4% in interest for each month the payment is late. What is the interest rate the IRS is charging on an annual basis?

A) 160.10% B) 48.00% C) 60.10% D) 64.10% E) 60%

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