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Problem 8-4 Effective rate of interest (LO8-2] Your bank will lend you $8,900 for 40 days at a cost of $75 interest. What is your

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Problem 8-4 Effective rate of interest (LO8-2] Your bank will lend you $8,900 for 40 days at a cost of $75 interest. What is your effective rate of interest? (Use a 360-day year. Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places.) Effective rate %

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