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Using a repurchase agreement, a commercial bank borrows $40 million for five days at the LIBOR overnight rate. If the LIBOR overnight rate is 3.35%

Using a repurchase agreement, a commercial bank borrows $40 million for five days at the LIBOR overnight rate. If the LIBOR overnight rate is 3.35% and does not change, how much interest must the commercial bank pay the counterparty?

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