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The terms of the sale were 3/11, net 78. What is the effective annual rate of interest? Convert your answer to percentage and round off

The terms of the sale were 3/11, net 78. What is the effective annual rate of interest?

Convert your answer to percentage and round off to two decimal points. Do not enter % in the answer box. For example, if your answer is 12.345%, then enter "12.35". Margin of error: +/- 0.5.

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