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QUESTION

A man has a simple discount note for $6400,at an ordinary bank discount rate of 8.53 % for 40 days. What is the effective interest rate?

A man has a simple discount note for $6400,at an ordinary bank discount rate of 8.53 % 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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