Question: Gage Electronics sold some computers for $10,000 and established a promissory note requiring 7.75% compounded semi-annually, and due in 2 years. After 1 year, the

Gage Electronics sold some computers for $10,000 and established a promissory note requiring 7.75% compounded semi-annually, and due in 2 years. After 1 year, the note was sold to a finance company for $8,771.93. What is the discounted rate, assuming it is compounded monthly? Note: Please make sure your final answer(s) are in percentage form and are accurate to 2 decimal places.

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