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Examine an ordinary bank discount rate

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Reference no: EM131622921

Question: 1. What is the effective interest rate of a simple discount note for $22,000, at an ordinary bank discount rate of 8.36%, for 90 days? Round to the nearest tenth of a percent

2. Ebbe Wojtek needs to calculate the effective interest rate of a simple discount note for $18,000, at an ordinary bank discount rate of 9.6%, for 270 days. Find the effective rate rounded to the nearest tenth.

Reference no: EM131622921

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