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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 $780,000 loan where a 16%

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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 $780,000 loan where a 16% compensating balance is required? (Use 360 days in a year. Round your answer to 2 decimal places.) Multiple Choice O 8.25% O 16.25% 10.95%

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