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If Analog computers can borrow at 9.7% annually for three years, what is the effective rate of interest on a $880,000 loan where a 19%

If Analog computers can borrow at 9.7% annually for three years, what is the effective rate of interest on a $880,000 loan where a 19% compensating balance is required? (Use 360 days in a year. Round your answer to 2 decimal places.)

Multiple Choice

14.73%
11.98%
9.28%
17.28%

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