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Assuming a 360-day year, proceeds of $46,154 were received from discounting a $47,096, 90-day note at a bank. The discount rate used by the bank

Assuming a 360-day year, proceeds of $46,154 were received from discounting a $47,096, 90-day note at a bank. The discount rate used by the bank in computing the proceeds was

a.6%

b.8%

c.9%

d.10%

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