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Your firm needs $630 for one quarter to finance a deficit. Interest charges are 2% per quarter. Your bank requires a 10% compensating balance. How much must your firm borrow in order to obtain the needed
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Your firm needs $630 for one quarter to finance a deficit. Interest charges are 2% per quarter. Your bank

requires a 10% compensating balance. How much must your firm borrow in order to obtain the needed funds?
$700.00
$705.00
O $693.00
$715.91

User Max Semikin
by
7.7k points

1 Answer

4 votes
The answer is $700


Hope this helps
User LTME
by
8.0k points
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