A company has a ($2) million operating line of credit at an interest rate of 4% and
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A company has a \($2\) million operating line of credit at an interest rate of 4% and (general use) long-term loans of \($8\) million at an interest rate of 7%. If general bor¬ rowings are used to finance inventory with a lengthy acquisition period, what aver¬ age rate is used as the borrowing cost?
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