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Morton Company obtains a one-year loan of 3,000,000 Japanese yen at an interest rate of 7%. At the time the loan is extended, the spot

Morton Company obtains a one-year loan of 3,000,000 Japanese yen at an interest rate of 7%. At the time the loan is extended, the spot rate of the yen is $.006. If the spot rate of the yen at maturity of the loan is $.0037, what is the effective financing rate of borrowing yen? Show the calculation

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