Question: A man has a simple discount note for $6, 100, at an ordinary bank discount rate of 8.61%, for 50 days. What is the effective

A man has a simple discount note for $6, 100, at

A man has a simple discount note for $6, 100, at an ordinary bank discount rate of 8.61%, for 50 days. What is the effective interest rate? Round to the nearest tenth of a percent. (Use the banker's rule.) The effective interest rate is %. (Round to the nearest tenth of a percent as needed.)

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