Question: A man has a simple discount note for $6,200 at an ordinary bank discount rate of 8.84 %, for 40 days. What is the effective

A man has a simple discount note for $6,200 at an ordinary bank discount rate of 8.84 %, for 40 days. What is the effective interest rate? Round to the nearest tenth of a percent.

The effective interest rate is ______%.

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