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Brandt is CFO of Snedeker Golfing Adventures Inc. Brandt can borrow at 2.1% for 1 year, what is the effective rate of interest on a

Brandt is CFO of Snedeker Golfing Adventures Inc. Brandt can borrow at 2.1% for 1 year, what is the effective rate of interest on a $800,000 loan where a 2.3% compensating balance is required?

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