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Problem 8 - 4 ( Algo ) Effective rate of interest [ LO 8 - 2 ] Your bank will lend you $ 2 ,

Problem 8-4(Algo) Effective rate of interest [LO8-2]
Your bank will lend you $2,300 for 45 days at a cost of $25 interest.
What is your effective rate of interest?
Note: Use a 360-day year. Do not round intermediate calculations. Input your answer as a percent rounded to
Effective rate
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