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Luther Industries is offered a $ 1 million loan for four months at an APR of 6 % . If Luther's bank requires that the

Luther Industries is offered a $1 million loan for four months at an APR of 6%. If Luther's bank requires that the firm maintain a compensating balance equal to 4% of the loan amount in a non-interest-bearing account, then the effective annual rate (EAR) for this loan is closest to (%)(2 decimal places

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