Question: A man has a simple discount note for $6,300, at an ordinary bank discount rate of 8.72 %, for 40 days. What is the effective

A man has a simple discount note for $6,300, at an ordinary bank discount rate of 8.72 %, for 40 days. What is the effective interest rate? Round to the nearest tenth of a percent. The effective interest rate is nothing %. (Round to the nearest tenth of a percent as needed.)

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