Question: On April 3 1 , 2 0 1 8 , Elkhorn Associates borrowed ( $ 1 0 ) million cash from Colonial

On April 31,2018, Elkhorn Associates borrowed \(\$ 10\) million cash from Colonial Bank and issued a 5-month, noninterest-bearing note, priced to yield an effective interest rate of \(10\%\). The stated discount rate on this loan is:
On April 3 1 , 2 0 1 8 , Elkhorn Associates

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