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Kenneth's Arrows and Bows borrows $13,000 for one year at an 9% annual interest rate. What is the effective rate of interest if the loan

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Kenneth's Arrows and Bows borrows $13,000 for one year at an 9% annual interest rate. What is the effective rate of interest if the loan is discounted? (Use 360 days in a year.) Multiple Choice Less than 9.0% More than 9.0% but less than 10.1% More than 10.1% but less than 11.0%

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