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8. The Ontario Steel Corporation has borrowed $5 million for one month at a stated annual rate of 9%, using inventory stored in a field

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8. The Ontario Steel Corporation has borrowed $5 million for one month at a stated annual rate of 9%, using inventory stored in a field warehouse acollateral. The warehouser charges a $5000 fee, payable at the end of the month. What is the effective annual rate of this loan

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