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Question 12 Not yet answered Points out of 1.00 P Flag question Russell's of Townville needs to borrow $88,000 for one year. The bank requires

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Question 12 Not yet answered Points out of 1.00 P Flag question Russell's of Townville needs to borrow $88,000 for one year. The bank requires a 10 percent compensating balance on any amount borrowed and an annual interest rate of 18 percent. What is the effective interest rate on this loan? Select one: a. 10% O b. 18% c. 22% O d. 20%

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