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Serengeti Travels has borrowed exist50,000 at a stated APR of 8.5 percent. The loan calls for a compensating balance of 8 percent. What is the

Serengeti Travels has borrowed exist50,000 at a stated APR of 8.5 percent. The loan calls for a compensating balance of 8 percent. What is the effective interest rate for this company? Round your final percentage answer to two decimal places

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