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On January 1, 2020. Waterway Industries borrows $2550000 from National Bank at 13% annual interest. In addition, Waterway is required to keep a compensatory balance

On January 1, 2020. Waterway Industries borrows $2550000 from National Bank at 13% annual interest. In addition, Waterway is required to keep a compensatory balance of $255000 on deposit at National Bank which will earn interest at 3%. The effective interest that Waterway pays on its $2550000 loan is 13.5%. 14.1%. 13.09. 06.096

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