Question: Current Attempt in Progress On January 1 , 2 0 2 5 , Sheffield Company borrows $ 3 0 2 0 0 0 0 from

Current Attempt in Progress
On January 1,2025, Sheffield Company borrows $3020000 from National Bank at 11% annual interest. In addition, Sheffield is required to keep a compensating balance of $320000 on deposit at National Bank which will earn interest at 5%. The effective interest that Sheffield pays on its $3020000 loan is
11.5%.
11.7%.
10.6%.
11.0%.
Current Attempt in Progress On January 1 , 2 0 2

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