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35. On September 1, 2021, Royal issued a $100,000, 9-month, noninterest-bearing note. The loan was made by Chase Bank where the stated discount rate is

35. On September 1, 2021, Royal issued a $100,000, 9-month, noninterest-bearing note. The loan was made by Chase Bank where the stated discount rate is 8%. The effective interest rate on this loan (rounded) is: (Do not round intermediate calculations. Round your final answer to 2 decimal places.) A. 8.0% B. 8.5%. C. 8.7%. D. 8.6%

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