Question: Asher cashed in a one-year term deposit after only five months had elapsed. In order to do so, he accepted an interest rate penaltya reduction

Asher cashed in a one-year term deposit after only five months had elapsed. In order to do so, he accepted an interest rate penalty—a reduction from the scheduled 5.5% rate of simple interest. If he was paid $145.83 interest on the $10,000 term deposit, what reduction was made in the per annum rate of simple interest?

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