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Please show me how to solve this problem in a step by step format A Corp plans to borrow $100,000 from the bank of G

Please show me how to solve this problem in a step by step format

A Corp plans to borrow $100,000 from the bank of G in the near future. The bank quotes a rate of 14% with a required a 22% compensating balance. What is the effective rate on this loan?

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