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The Ohio Valley Stool Corporation has borrowed 554 million for one month at a stated annual rate of 9.1%, using inventory stored in a field

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The Ohio Valley Stool Corporation has borrowed 554 million for one month at a stated annual rate of 9.1%, using inventory stored in a field warehouse as colateral The warehouser charges a $6,000 to, payable at the end of the month What is the effective annual rate of this loan? The effective annual rate hd C (Round to two decimal places)

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