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Effective annual rate A financial institution made a $5,000,000, 1-year discount loan at 9% interest, requiring a compensating balance equal to 7% of the face

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Effective annual rate A financial institution made a $5,000,000, 1-year discount loan at 9% interest, requiring a compensating balance equal to 7% of the face value of the loan Determine the effective annual rate associated with this loan (Note: Assume that the firm currently maintains SO on deposit in the financial institution) The effective annual rate associated with the loan is % (Round to two decimal places.)

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