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A major daily newspaper charges $350 (paid in advance) for an annual subscription, or $36 per month payable at the end of each month to

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A major daily newspaper charges $350 (paid in advance) for an annual subscription, or $36 per month payable at the end of each month to the carrier. What is the effective interest rate being charged to the monthly payment subscribers? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Effective interest rate 1%

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