Question: What interest rate would make it worthwhile to incur a compensating balance of $ 2 0 , 0 0 0 in order to get a

What interest rate would make it worthwhile to incur a compensating balance of $20,000 in order to get a 2 percent lower interest rate on a 1 year, pure discount loan of 230,000?(Negative amount should be indicated by a minus sign. Do not round intermediate calculations and round answer to 2 decimal places.)

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