Teseo Co, a UK-based firm, borrowed $120,000 in dollars and one year later repaid $132,000in dollars. When the loan was taken the exchange rate was $1.50 per ￡1, and when the loanwas repaid the rate was $1.25 per ￡1.What was the effective annual cost of the loan in terms of the pounds sterling receivedand paid by Teseo Co?
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