Question: A man has a simple discount note for $6,600, at an ordinary bank discount rate of8.61%, for40days. What is the effective interest rate? Round to

A man has a simple discount note for $6,600, at an ordinary bank discount rate of8.61%, for40days. What is the effective interest rate? Round to the nearest tenth of a percent.

The effective interest rate is_______%.

(Round to the nearest tenth of a percent as needed.)

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