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Shanquayle Jenkins needs to calculate the effective interest rate of a simple discount note for $21,750 at an ordinary bank discount rate of 7.7%,

Shanquayle Jenkins needs to calculate the effective interest rate of a simple discount note for $21,750 at an ordinary bank discount rate of 7.7%, for 90 days Find the effective rate The effective rate is (Round to the nearest hundredth as needed)

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