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A real estate agent knows that he will receive a commission of $5,550 from the sale of a property when the deal is completed 35
A real estate agent knows that he will receive a commission of $5,550 from the sale of a property when the deal is completed 35 days from now. Needing cash today, though, he signs a discount note at a credit union, using his expected commission as the maturity value. The discount rate is 8%. Find the effective rate (APR)
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