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What is the effective interest rate

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A man has a simple discount note for $6200 at an ordinary bank discount rate of 8.61 % for 40 days. What is the effective interest rate? Round to the nearest tenth of a percent. (Use the banker's rule.)

Reference no: EM131200769

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What is the effective interest rate : A man has a simple discount note for $6200 at an ordinary bank discount rate of 8.61 % for 40 days. What is the effective interest rate? Round to the nearest tenth of a percent. (Use the banker's rule.)
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