A man has a simple discount note for $6400, at an ordinary bank discount rate of 8.84%, for 50 days. What is the effective interest rate? (Round to the nearest tenth of a percent) (USE THE BANKERS RULE)The effective interest rate is __%(Round to the nearest tenth of a percent as needed)

Score: 0 of 4 pts 19 Of 20 (18 complete) 11.3.5 iQuestion Help A man has a simple discount note for $6,400, at an ordinary bank discount rate of 8.84%, for 50 days. What is the effective interest rate? Round to the nearest tenth of a percent. (Use the banker's rule.) The effective interest rate is 1% . (Round to the nearest tenth of a percent as needed.)