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3. Brown Corp borrowed $10 million and issued a 9-month, noninterest-bearing note on Oct. 31, 2018. The loan was made by US Bankcorp. Interest was

3. Brown Corp borrowed $10 million and issued a 9-month, noninterest-bearing note on Oct. 31, 2018. The loan was made by US Bankcorp. Interest was discounted at issuance at an 9% discount rate. What is the annual effective interest rate on this loan?

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