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A loan of $3420 can be repaid in 115 days by paying the principal sum borrowed plus $95 interest. What was the rate of interest

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A loan of $3420 can be repaid in 115 days by paying the principal sum borrowed plus $95 interest. What was the rate of interest charged? The interest rate is 1%. (Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places as needed.)

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