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What is the effective interest rate of a simple discount note for $7,000 at a bank discount rate of 6%, for 3 months? (Round to

What is the effective interest rate of a simple discount note for $7,000 at a bank discount rate of 6%, for 3 months? (Round to the nearest tenth percent)

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5.8%

6.5%

7.2%

6.1%

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