The Ohio Valley Steel Corporation has borrowed $4.5 million for one month at a stated...
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Accounting
The Ohio Valley Steel Corporation has borrowed $4.5 million for one month at a stated annual rate of 8.1%, using inventory stored in a field warehouse as collateral. The warehouser charges a $6.000 fee, payable at the end of the month. What is the effective annual rate of this loan? The effective annual rate is %. (Round to two decimal places.)
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