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Saviour Ltd. is seeking a $50,000 loan for 90 days from Rose City Bank. The stated interest rate is 6% and the bank requires a
Saviour Ltd. is seeking a $50,000 loan for 90 days from Rose City Bank. The stated interest rate is 6% and the bank requires a 20% compensating balance Saviour currently keeps a minimum balance of $3,000 on deposit with Rose City Bank. Find the annual effective rate of interest. Round you answer to 2 decimal places (eg 4.25%); 3 F B I ili
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