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 interest

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. (Use the banker's rule.)

The effective interest rate is_____%. (Round to the nearest tenth of a percent as needed.)

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