Question: Kenneth's Arrows and Bows borrows $19,000 for one year at an 14% annual interest rate. What is the effective rate of interest if the loan

Kenneth's Arrows and Bows borrows $19,000 for one year at an 14% annual interest rate. What is the effective rate of interest if the loan is discounted? (Use 360 days in a year.) More than 15.4% but less than 16.5%

More than 17.4%

Less than 15.4%

More than 16.5% but less than 17.4%

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