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Kenneth's Arrows and Bows borrows $10,000 for one year at an 8% annual interest rate. What is the effective rate of interest if the loan
Kenneth's Arrows and Bows borrows $10,000 for one year at an 8% annual interest rate. What is the effective rate of interest if the loan is discounted? Note: Use 360 days in a year.
a.More than 9.8%
b. More than 7.8% but less than 8.9%
c. Less than 7.8%
d.More than 8.9% but less than 9.8%
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