Question: 16 If Analog computers can borrow at 9.6% annually for three years, what is the effective rate of interest on a $750,000 loan where a

If Analog computers can borrow at 9.6% annually for three years, what is the effective rate of interest on a $750,000 loan where a 16% compensating balance is required? (Use 360 days in a year. Round your answer to 2 decimal places.)

Multiple Choice

8.73%
16.73%
11.43%
14.18%

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