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Mr. Jones borrows $2,500 for 90 days and pays $34 interest. What is his approximate effective rate of interest? Note: Use 360 days in a

Mr. Jones borrows $2,500 for 90 days and pays $34 interest. What is his approximate effective rate of interest? Note: Use 360 days in a year. Round your answer to 2 decimal places. Multiple Choice 5.44% 7.74% 10.14% 5.98%

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