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Suppose you take out a margin loan for $ 5 5 , 0 0 0 . The rate you pay is an effective rate of

Suppose you take out a margin loan for $55,000. The rate you pay is an effective rate of 8.5 percent. If you repay the loan in six months, or 180 days, how much interest will you pay?
Note: Do not round intermediate calculations. Round your answer to 2 decimal places.

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