What is the effective interest rate on the loan for one year

Reference no: EM13293399

Gulliver Travel Agencies thinks interest rates in Europe are low. The firm borrows euros at 7 percent for one year. During this time period the dollar falls 11 percent against the euro. What is the effective interest rate on the loan for one year? (Omit the "%" sign in your response.) Effective interest rate %

Reference no: EM13293399

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