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31) Wolverine Manufacturing has just secured a commitment for a $40 million working capital line of credit from CitiBank. The terms of the loan are

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31) Wolverine Manufacturing has just secured a commitment for a $40 million working capital line of credit from CitiBank. The terms of the loan are for 2 years with the interest rate floating at 30 day Libor plus 350 bps, with a ceiling of 8% and a floor of 4%.30 day Libor =3.98% on the day of closing. What was Wolverine's initial rate of interest

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