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What is the effective interest rate of a simple discount note for $27,100, at an ordinary bank discount rate of 16%, for 10 days? Assume

What is the effective interest rate of a simple discount note for $27,100, at an ordinary bank discount rate of 16%, for 10 days? Assume that there are 360 days in a year. The effective interest rate is %. (Round to the nearest tenth as needed.)

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