Burt$$s Department Store needs $$687,000$ to take a cash discount of $1\mathrm{.}50/15,$ net $70.$ A banker will loan the money for $55$ days at an interest cost of $$20,800.$

a$.$ What is the annual rate on the bank loan? $($Use $365$ days in a year. Do not round intermediate calculations. Round the final answer to $2$ decimal places.$)$

Annual rate

ultiple choice $2$

Yes

NoIf the banker requires a $10$ percent compensating balance, how much must Burt$$s borrow to end up with the $$687,000?($Round the final answer to the nearest whole dollar.$)$

Amount to be borrowed $

$763333$

e$-1.$ What would be the interest rate in part d if the interest charge for $55$ days were $$23,500?($Use $365$ days in a year. Do not round intermediate calculations. Round the final answer to $2$ decimal places.$)$

Annual rate

$20\mathrm{.}43$

$\%$

e$-2.$ Should Burt$$s borrow with the $10$ percent compensating balance? $($There are no funds to count against the compensating balance requirement.$)$

multiple choice $2$

Yes

No