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Jake Michols has discussed a $750,000 one-year loan (P) with a bank offering him an 11% annual rate, simple interest loan with a 20% compensating

Jake Michols has discussed a $750,000 one-year loan (P) with a bank offering him an 11% annual rate, simple interest loan with a 20% compensating balance requirement. Interest is due at the end of the year. What is Jake's APR on the loan?

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