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Topical Tropical Fruit Company is borrowing money by offering to sell discount notes that mature for $ 2 0 , 0 0 0 on March

Topical Tropical Fruit Company is borrowing money by offering to sell discount notes that mature for $20,000 on March 30,2007. On September 25,2006, Bestinvest Financial Management bought one of the notes at a discount rate of 6.27%. Find the simple interest rate for this loan (as a percent).

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