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Mr. Jones borrows $2,400 for 90 days and pays $38 interest. What is his approximate effective rate of interest? (Use 360 days in a year.

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Mr. Jones borrows $2,400 for 90 days and pays $38 interest. What is his approximate effective rate of interest? (Use 360 days in a year. Round your answer to 2 decimal places.) Multiple Choice 8.63% es 6.33% O 11.03% 6.879

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