Question: You were offered either a simple interest note or a simple discount note with the following terms: $21,824 at 5% for 24 months. a.

You were offered either a simple interest note or a simple discount

You were offered either a simple interest note or a simple discount note with the following terms: $21,824 at 5% for 24 months. a. Calculate the effective interest rate. Note: Do not round intermediate calculations. Round your final answer to the nearest tenth percent.

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