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Assuming a 360-day year, proceeds of $40,206 were received from discounting a $40,715, 90-day note at a bank. The discount rate used by the bank

Assuming a 360-day year, proceeds of $40,206 were received from discounting a $40,715, 90-day note at a bank. The discount rate used by the bank in computing the proceeds was

Select the correct answer.

5%

7%

3%

6%

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