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Morgan Inc. sells some of its merchandise on credit. customers are given 5 months to pay their bills. Morgan borrows from Bank of America to

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Morgan Inc. sells some of its merchandise on credit. customers are given 5 months to pay their bills. Morgan borrows from Bank of America to carry the accounts payable. The bank charges Morgan an annual interest rate of 22 percent with monthly compounding. Morgan wants to charge a rate to his customers that are expected to pay in 5 months, which will exactly cover his financing costs. What annual interest rate should Hanna Inc, charge its customers

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