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Connecticut Advanced Technologies (CAT) is planning to get a 30-day $150,000 simple interest loan from its bank. The quoted interest rate on the loan is

Connecticut Advanced Technologies (CAT) is planning to get a 30-day $150,000 simple interest loan from its bank. The quoted interest rate on the loan is 10 percent. Use 365 day year.

Calculate the periodic rate assuming the loan has no compensating balance requirement.

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