Effective Annual Rate Assignment

The Ohio Valley Steel Corporation has borrowed $5.8 million for one month at a stated annual rate of 9.1%​, using inventory stored in a field warehouse as collateral. The warehouser charges a $5,250​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.) Get Finance homework help today

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