Question: Sol Pine borrows $4,900 for one year at 9 percent interest. What is the effective rate of interest if the loan is discounted? (Do not

Sol Pine borrows $4,900 for one year at 9 percent interest.

Sol Pine borrows $4,900 for one year at 9 percent interest. What is the effective rate of interest if the loan is discounted? (Do not round intermediate calculations. Use a 360-day year. Input your answer as a percent rounded to 2 decimal places.) Effective rate on a discounted loan %

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