You are the chief financial officer of ALASKA PIPELINE. ALASKA is planning a major capital...
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Accounting
You are the chief financial officer of ALASKA PIPELINE. ALASKA is planning a major capital expansion project worth $1 billion, and will finance it by borrowing money for five years. Three major banks in the US have submitted interest rate quotes as follows; all are APRs:
First National Bank of North Texas: 10.40 percent compounded monthly
Tennessee Development Bank: 10.90 percent compounded annually.
Idaho Finance Inc: 10.50 percent compounded quarterly.
Which lender offers the lowest interest rate?
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