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Assume that a firm has a $1,000,000 line of credit at an 7.66 percent rate of interest that requires a 5.2 percent compensating balance. The

Assume that a firm has a $1,000,000 line of credit at an 7.66 percent rate of interest that requires a 5.2 percent compensating balance. The firm needs $263,000 for 1 year. Calculate amount of money the firm should borrow to have $263,000 available after paying compensating balance.

Round the answer to two decimal places.

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