Problem on effective rate of interest

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Reference no: EM13142964

If Analog computers can borrow at 9.5% for 3 years, what is the effective rate of interest on a $800,000 loan where a 15% compensating balance is required?

A. 11.18%

B. 17.27%

C. 9.50%

D. none of these

Reference no: EM13142964

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