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Come and Go Bank offers your firm a discount interest loan with an interest rate of 7 percent for up to $10 million, and in
Come and Go Bank offers your firm a discount interest loan with an interest rate of 7 percent for up to $10 million, and in addition requires you to maintain a 1 percent compensating balance against the face amount borrowed. What is the effective annual interest rate on this lending arrangement? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Effective annual rate
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