What is the effective annual interest rate if the firm, Financial Management

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What is the effective annual interest rate if the firm

First Bank offers KNJ Co. a $100,000 line of credit at an annual rate of interest of 9.5 percent. The loan agreement also requires a 4 percent compensating balance on any funds used. What is the effective annual interest rate if the firm needs $60,000 for the entire year to fund its operations?

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