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Mr. Jones borrows $2,600 for 90 days and pays $33 interest. What is his effective rate of interest? (Use 360 days in a year. Round

Mr. Jones borrows $2,600 for 90 days and pays $33 interest. What is his effective rate of interest? (Use 360 days in a year. Round your answer to 2 decimal places.) 0 5.62% 5.08% 738% 978%

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