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5.2.25 Question Help A promissory note is a written statement agreeing to pay a sum of money either on demand or at a definite future time. When a note is purchased for its present value at a given interest rate, the note is said to be discounted and the interest rate is called the discount rate. Suppose a $10,000 note due 8 years from now is sold to a financial institution for $6700. What is the nominal discount rate with quarterly compounding? The nominal rate is (Type an integer or decimal rounded to two decimal places as needed.)