Question: For services rendered, an attorney accepts a 9 0 - day note for $ 4 , 7 0 0 at 7 % simple interest from

For services rendered, an attorney accepts a 90-day note for $4,700 at 7% simple interest from a client. (Both interest and principal are repaid at the end of 90 days.) Wishing to use her money sooner, the attorney sells the note to a third party for $4,740 after 30 days. What annual interest rate will the third party receive for the investment? The third party will receive an annual interest rate of %.

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