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Question 2 Your bank will lend you $3,600 for 55 days at a cost of $96 interest. What is your effective rate of interest? Formula:

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Question 2 Your bank will lend you $3,600 for 55 days at a cost of $96 interest. What is your effective rate of interest? Formula: Effective rate = (interest/Principal) (360/ Days loan is outstanding) Note: Do not round intermediate calculations. Input your final answers as a percent rounded to decimal places. Do not input a percentage sign

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