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Good Deal Bank offers your firm a discount interest loan at 775% for up to $25 million and, in addition requires you to maintain a

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Good Deal Bank offers your firm a discount interest loan at 775% for up to $25 million and, in addition requires you to maintain a 5% compensating balance against the amount borrowed. What is the effective annual interest rate on this lending agreement? (Do not round intermediate calculations. Round the final answer to 2 decimal places.) Effective annual interest rate %

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