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Company X and Company Y have been offered the following borrowing rates: Note: please report your answer as an integer with 2 decimals (i.e., 5.01);

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Company X and Company Y have been offered the following borrowing rates: Note: please report your answer as an integer with 2 decimals (i.e., 5.01); do NOT use the percentage sign in your answer (\%). Suppose that Company X borrows fixed and company Y borrows floating. If they enter into a swap with each other where the apparent benefits are shared equally, what is company X's effective borrowing rate? Your

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