Question: What is the effective interest rate (rounded) on a 3-month, noninterest-bearing note with a stated rate of 12.6% and a maturity value of $206,000 ?

What is the effective interest rate (rounded) on a 3-month, noninterest-bearing note with a stated rate of 12.6% and a maturity value of $206,000 ? (Do not round intermediate calculations. Round final answer to 1 decimal place.)

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