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What is your total amount received

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Reference no: EM133075104

Question - A bank offers your firm a 1-year discount interest loan of $1,000,000 loan at 8% per year and, in addition, requires you to maintain a 5% compensating balance against the amount borrowed.

a) What is your total amount received?

b) What is the effective annual interest rate on this lending arrangement?

Reference no: EM133075104

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