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Compute the effective annual rates of the following:

a. $1 million maturing in 90 days with a stated annual rate of 6 percent. Fees are 0.02 percent of the principal.

b. $15 million maturing in 60 days with a stated annual rate of 7.6 percent. Fees are 0.05 percent of the principal.

c. $500,000 maturing in 180 days with a stated annual rate of 8.25 percent. Fees are 0.03 percent of the principal.

d. $50 million maturing in 210 days with a stated annual rate of 6.5 percent. Fees are 0.10 percent of the principal.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92101250

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