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Brady and Sons uses accounts receivable as collateral to borrow money for operations and payroll when...

Brady and Sons uses accounts receivable as collateral to borrow money for operations and payroll when revenues are low. If the company borrows $300,000 now at an interest rate of 12% per year compounded daily and the rate increases to 15% per year compounded daily after 5 months, how much will the company owe at the end of one year?

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