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What is the effective annual interest rate

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Question - You've worked out a line of credit arrangement that allows you to borrow up to $55 million at a time. The interest rate is.43 percent per month. In addition, 6 percent of the amount that you borrow must be deposited in a non-interest bearing account. Assume that your bank uses compound interest on its line of credit loans. What is the effective annual interest rate on this lending arrangement?

Reference no: EM133162868

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