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Jasmine Scents has been given two competing offers for short-term financing. Both offers are for borrowing $37,000 for 1 year. First offer is a discount

Jasmine Scents has been given two competing offers for short-term financing. Both offers are for borrowing $37,000 for 1 year. First offer is a discount loan at 7.05%. The second offer if for interest to be paid at maturity at a stated rate of 7.44%. Calculate the Effective Annual Rate for each loan

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