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Two years and 10 months before its due date, an eight-year interest-bearing promissory note for $3,875 at 2.9% compounded semi-annually is discounted to have sale
Two years and 10 months before its due date, an eight-year interest-bearing promissory note for $3,875 at 2.9% compounded semi-annually is discounted to have sale proceeds of $4,182.10. What monthly compounded discount rate was used?
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