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The Ohio Valley Steel Corp. has borrowed $5 million for one month at a stated annual rate of 9% compounded monthly, using inventory stored in

image text in transcribed The Ohio Valley Steel Corp. has borrowed $5 million for one month at a stated annual rate of 9% compounded monthly, using inventory stored in a field warehouse as collateral. The warehouser charges a $5,000 fee, payable at the end of the month. What is the effective annual rate of the loan

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