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For services rendered, an attorney accepts a 9 0 - day note for $ 5 , 1 0 0 at 8 % simple interest from
For services rendered, an attorney accepts a day note for $ at simple interest from a client. Both interest and principal are repaid at the end of days. Wishing to use her money sooner, the attorney sells the note to a third party for $ after days. What annual interest rate will the third party receive for the investment?
The third party will receive an annual interest rate of
Type an integer or decimal rounded to two decimal places as needed.
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