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Denim Industries can borrow its needed financing for expansion using one of two foreign lending facilities. It can borrow at a nominal annual interest rate of 88 % in Mexican pesos or it can borrow at 55 % in Canadian dollars. If the peso is expected to depreciate by 11.95% and the Canadian dollar is expected to appreciate by 66 %, which loan has the lower effective annual interest rate?

The effective annual interest rate of the loan in Mexican pesos is nothing %. (Round to two decimal places.)

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Financial Management, Finance

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