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Cold Ice Inc. requires $360,000 in short-term credit and is currently arranging a loan with its bank. Cold Ice plans to use the funds for

Cold Ice Inc. requires $360,000 in short-term credit and is currently arranging a loan with its bank. Cold Ice plans to use the funds for 6 months, the annual rate on the loan is 14 percent, and the bank will require a 10 percent compensating balance.

If Cold Ice must have loan proceeds of $360,000, then it must borrow how much?

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