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The Bensington Glass Company entered into a loan agreement withthe? firm's bank to finance the? firm's working capital. The loancalled for a floating rate that was 27 basis points ?(0.270.27percent) over an index based on LIBOR. In? addition, the loanadjusted weekly based on the closing value of the index for theprevious week and had a maximum annual rate of 2.16 percent and aminimum of 1.71 percent. Calculate the rate of interest for weeks 2through 9DateLIBORWeek 11.92%Week 21.69%Week 31.49%Week 41.31%Week 51.57%Week 61.67%Week 71.71%Week 81.87%Week 91.87%The rate of interest for week 2 is %.?(Round to two decimal? places.)
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