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Maxim Air Filters Inc. plans to borrow $ 3 0 0 , 0 0 0 for one year. Northeast National Bank will lend the money

Maxim Air Filters Inc. plans to borrow $

300, 000

for one year. Northeast National Bank will lend the money at

10

percent interest and requires a compensating balance of

20

percent. What is the effective rate of interest?

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