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Dr. Painkiller is going to borrow $4,200 for one year at 8 percent interest. What is the annual rate of interest if the loan is

Dr. Painkiller is going to borrow $4,200 for one year at 8 percent interest.

What is the annual rate of interest if the loan is discounted? (Use 365 days in a year. Do not round intermediate calculation. Round the final answer to 2 decimal places.)

Annual rate of interest --------- %

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