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A man has a simple discount note for $6,100, at an ordinary bank discount rate of 8.61 %, for 40 days. What is the effective

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A man has a simple discount note for $6,100, at an ordinary bank discount rate of 8.61 %, for 40 days. What is the effective interest rate? Round to the nearest tenth of a percent. The effective interest rate is (Round to the nearest tenth of a percent as needed.)

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