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A bank manager lends a client $1,000,000 for six months. The corporate borrower repays $1,050,000 in six months. The bank charges a $1,000 fee to

A bank manager lends a client $1,000,000 for six months. The corporate borrower repays $1,050,000 in six months. The bank charges a $1,000 fee to set up the loan. What is the EAR or effective annual rate on the loan?

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