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how do I find the annual interest rate Carry Trade, Inc., borrows yen when the yen is trading at *110/US$. If the nominal annual interest

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how do I find the annual interest rate

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Carry Trade, Inc., borrows yen when the yen is trading at *110/US$. If the nominal annual interest rate of the loan is 3% and at the end of the year the yen trades at *120/US$, what is the effective annual interest rate of the loan? The effective annual interest rate is %. (Round to two decimal places. Enter a negative number for a depreciation of the yen.)

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