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The Ohio Valley Steel Corporation has borrowed $5.5 million for one month at a stated annual rate of 9.6%, using inventory stored in a field

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The Ohio Valley Steel Corporation has borrowed $5.5 million for one month at a stated annual rate of 9.6%, using inventory stored in a field warehouse as collateral. The warehouser charges a $6,000 fee payable at the end of the month. What is the effective annual rate of this loan? The effective annual rate is % (Round to two decimal places)

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