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You have worked out a line of credit arrangements that allows ypu borrow up to 4 5 million at any time. The interest rate is
You have worked out a line of credit arrangements that allows ypu borrow up to million at any time. The interest rate is perccent Per month. In adittion, percent of the amount that you borrowed must be deposited in a non interest bearinf account. Assume that your bank uses compound interest on it line of credit loans.... A What is the effective annual interest rate on this lending arrangement
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