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Largent Supplies Corp. has borrowed to invest in a project. The loan calls for a payment of $ 1 7 , 3 8 4 every

Largent Supplies Corp. has borrowed to invest in a project. The loan calls for a payment of $

17, 384

every month for three years. The lender quoted Largent a rate of

8.40

percent with monthly compounding. What is the effective annual rate?

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