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What is the effective rate of a 3-month discounted loan borrowing of 4 million if the interest rate is 10 percent? a) some answer given b) 10

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What is the effective rate of a 3-month discounted loan borrowing of 4 million if the interest rate is 10 percent?

a) some answer given

b) 10.25%

c) 11.11%

d) 10.38%