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The York Company has arranged a line of credit that allows it to borrow up to $52 million at any time. The interest rate is

The York Company has arranged a line of credit that allows it to borrow up to $52 million at any time. The interest rate is .628 percent per month. Additionally, the company must deposit 6 percent of the amount borrowed in a non-interest bearing account. The bank uses compound interest on its line-of-credit loans. What is the effective annual rate on this line of credit?

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