Question: A 160-day note for $2000 bears interest at 8.5% and is sold 50 days before the due date to a bank for $2044.27. What simple

A 160-day note for $2000 bears interest at 8.5% and is sold 50 days before the due date to a bank for $2044.27. What simple discount rate does the bank use to discount notes?

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