Paul and Sandy Moede signed an $$8,480$ note at Citizen's Bank. Citizen's charges a $6\mathrm{.}6\%$ discount rate. Assume the loan is for $260$

days.

a$.$ Find the proceeds.

Note: Use $360$ days a year. Round your intermediate calculations and final answer to the nearest cent.

Proceeds

b$.$ Find the effective rate charged by the bank.

Note: Use $360$ days a year. Do not round intermediate calculations. Round your answer to the nearest tenth percent.

Effective rate