What is the effective annual interest rate on this lending, Financial Management

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What is the effective annual interest rate on this lending

You’ve worked out a line of credit arrangement that allows you to borrow up to $60 million at any time. The interest rate is .591 percent per month. In addition, 3 percent of the amount that you borrow must be deposited in a noninterest-bearing account. Assume that your bank uses compound interest on its line-of-credit loans.

a. What is the effective annual interest rate on this lending arrangement?

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Financial Management: What is the effective annual interest rate on this lending

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