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Shanquayle Jenkins needs to calculate the effective interest rate of a simple discount note for $22,500, at an ordinary bank discount rate of 7.77%, for

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Shanquayle Jenkins needs to calculate the effective interest rate of a simple discount note for $22,500, at an ordinary bank discount rate of 7.77%, for 120 days. Find the effective rate. The effective rate is % (Round to the nearest hundredth as needed.)

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