A man has a simple discount note for $6,200, 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 1961 (Round to the nearest tenth of a percent as needed.)

A man has a simple discount note for $6,200, 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.)