Bill Blank signed an $$7,200$ note at Citizen$$s Bank. Citizen$$s charges a $2\mathrm{.}50\%$ discount rate. Assume the loan is for $320$ days.

a$.$ Find the proceeds. $($Use $360$ days a year. Do not round intermediate calculations. Round your answer to the nearest cent.$)$

b$.$ Find the effective rate charged by the bank. $($Use $360$ days a year. Do not round intermediate calculations. Round your answer to the nearest tenth percent.$)$