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Luther Industries is offered a $1 million loan or four months at an APR of 99 f Luther's bank requires that the firm maintain a

Luther Industries is offered a $1 million loan or four months at an APR of 99 f Luther's bank requires that the firm maintain a compensating balance equal to 10% loan amount in a non-interest-earning account, then the effective annual rate EAR for this loan is closest to the 10.3% @ 12.6% o 14.4% o 71.5%

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