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1. A small company borrowed $100,000.00 for business expansion. The entire principle of $100,000 will be repaid in 2 years, but quarterly interest of $3300

1. A small company borrowed $100,000.00 for business expansion. The entire principle of $100,000 will be repaid in 2 years, but quarterly interest of $3300 must be paid every three months. What nominal annual interest rate is the company paying?

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