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On September 1, 2021, Hiker Shoes issued a $111,000, 6-month, noninterest-bearing note. The loan was made by Second Commercial Bank where the stated discount rate

On September 1, 2021, Hiker Shoes issued a $111,000, 6-month, noninterest-bearing note. The loan was made by Second Commercial Bank where the stated discount rate is 6%. Hiker's effective interest rate on this loan (rounded) is: (Do not round intermediate calculations. Round your final answer to 2 decimal places.)

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