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What is the effective interest rate of a simple discount note for $4,700 at a bank discount rate of 12.25% for 24 months? (Round to

What is the effective interest rate of a simple discount note for $4,700 at a bank discount rate of 12.25% for 24 months? (Round to the nearest tenth percent.) 16.2%18.4%22.0%34.8%

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