Question: Kenneth's Arrows and Bows borrows $ 1 1 , 0 0 0 for one year at an 1 0 % annual interest rate. What is

Kenneth's Arrows and Bows borrows $11,000 for one year at an 10% annual interest rate. What is the effective rate of interest if the loan is discounted?
Note: Use 360 days in a year.

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