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Supposed that Gnome is considering raising restricted Chinese Yuan (CNY) from China to fund its construction and development of a public hospital for the Chinese

Supposed that Gnome is considering raising restricted Chinese Yuan (CNY) from China to fund its construction and development of a public hospital for the Chinese government. The cost of borrowing restricted CNY is 11 percent annually, whereas the market rate for these funds is 15 percent. If Gnome can borrow CNY78.11 million, compute the amount Gnome is able to save annually.

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