Come and Go Bank offers your firm a discount interest loan at 9 percent for up to
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Come and Go Bank offers your firm a discount interest loan at 9 percent for up to $25 million and, in addition, requires you to maintain a 5 percent compensating balance against the amount borrowed. What is the effective annual interest rate on this lending arrangement?
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Muhammad Umair
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Related Book For 
Fundamentals of corporate finance
ISBN: 978-0078034633
10th edition
Authors: Stephen Ross, Randolph Westerfield, Bradford Jordan
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