Word Problem $11-9($Algo$)[$LU $11-1(3)]$

Paul and Sandy Moede signed an $$8\mathrm{.}900$ note at Citizen's Bank. Citizen's charges a $3\mathrm{.}4\%$ discount rate. Assume the loan is for $260$ days.

o$.$ 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