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The Ohio Valley Steel Corporation has borrowed $7 million for one month at a stated annual rate of 9% (APR, compounded monthly), using inventory stored

The Ohio Valley Steel Corporation has borrowed $7 million for one month at a stated annual rate of 9% (APR, compounded monthly), using inventory stored in a field warehouse as collateral. The warehouse charges a $7,000 fee, payable at the end of the month. What is the effective annual rate of this loan?

Answer: The effective annual rate is ________%. (Round to two decimal places.)

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