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Business, 29.06.2021 01:00 j015

Come and Go Bank offers your firm a discount interest loan with an interest rate of 9 percent for up to $21 million, and in addition requires you to maintain a 2 percent compensating balance against the face amount borrowed. What is the effective annual interest rate on this lending arrangement? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e. g., 32.16.)
Effective annual rate= %

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