Question: If Like A Lot Corp. borrows yen at a nominal annual interest rate of 2.45 % and during the year the yen appreciates by 11.75

If Like A Lot Corp. borrows yen at a nominal annual interest rate of 2.45 % and during the year the yen appreciates by 11.75 %, what will the effective annual interest rate be for the loan?

The effective annual interest rate, E , is ______%. (Round to two decimal places.)

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