Question: If Analog computers can borrow at 9.9% for 3 years, what is the effective rate of interest on a $880,000 loan where a 17% compensating

If Analog computers can borrow at 9.9% for 3 years, what is the effective rate of interest on a $880,000 loan where a 17% compensating balance is required? (Use 360 days in a year. Round your answer to 2 decimal places.)

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