Question: Neveready Flashlights Incorporated needs $ 3 2 4 , 0 0 0 to take a cash discount of 2 / 1 5 , net 7

Neveready Flashlights Incorporated needs $324,000 to take a cash discount of 2/15, net 73. A banker will lend the money for 58 days at an interest cost of $11,100.
a.What is the effective rate on the bank loan?
Note: Use a 360-day year. Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places.

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