Discounting Notes-1 (similar to) A man has a simple discount note for $6.600. tan ordinary bank discount rate of 8.53%, for 40 days. What is the effective interest rate? Round to the nearest tenth of a percent. The effective interest rate is 8.61%. (Round to the nearest tenth of a percent as needed.) X Sorry, that's not correct. First, find the bank discount and the proceeds. Then to find the effective interest rate, use the formula. RPT where R is the effective interest rate, I is the bank discount or interest, P is the proceeds, and T is the time. Replace the variables with the values given problem statement, using 360 days for a year. Perform the operations. the OK