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Current Attempt in Progress On January 1, 2025, Sheridan Company borrows $3160000 from National Bank at 11% annual interest. In addition, Sheridan is required to

Current Attempt in Progress On January 1, 2025, Sheridan Company borrows $3160000 from National Bank at 11% annual interest. In addition, Sheridan is required to keep a compensating balance of $390000 on deposit at National Bank which will earn interest at 5%. The effective interest that Sheridan pays on its $3160000 loan is O 14.8% O 116% 12.3% O 11.0%

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