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The Hong Kong and China Gas Company requires 100 million HKD financing for its new...

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Finance

The Hong Kong and China Gas Company requires 100 million HKD financing for its new research and development program. Apart from other conditions, The Hongkong and Shanghai Banking Corporation offers to lend the full amount at a rate of 4.02% compounded daily.Bank of China Hong Kong offers the same lending conditions but at a rate of 5.46% compounded semi-annually. What is the difference between the two banks' effective annual rates?

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