What is the effective annual rate ear of the, Financial Management

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What is the effective annual rate ear of the

Kerry Corporation is planning to get a 270-day $500,000 simple interest loan from its bank at a quoted interest rate of 12 percent. If the bank has a 20% compensating balance requirement and Kerry currently holds no funds at the lending bank, what is the effective annual rate (EAR) of the loan? (Assume there are 360 days in a year. Round your answer to two decimal places.)?

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