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If Analog computers can borrow at 9.2% annually for three years, what is the effective rate of interest on a $895,000 loan where a 11%
If Analog computers can borrow at 9.2% annually for three years, what is the effective rate of interest on a $895,000 loan where a 11% compensating balance is required? (Use 360 days in a year. Round your answer to 2 decimal places.)
Multiple Choice
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7.64%
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15.64%
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10.34%
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13.09%
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