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If Analog computers can borrow at 9.4% annually for three years, what is the effective rate of interest on a $765,000 loan where a 17%

If Analog computers can borrow at 9.4% annually for three years, what is the effective rate of interest on a $765,000 loan where a 17% compensating balance is required? (Use 360 days in a year. Round your answer to 2 decimal places.)

Multiple Choice

8.63%
14.08%
16.63%
11.33%

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