Word Problem 17-17 [LU 17-3 (1)] Bill Blank signed an $7,600 note at Citizen's Bank. Citizen's charges a 6.60% discount rate. Assume the loan is for 260 days. a. Find the proceeds. (Use 360 days a year. Do not round Intermediate calculations. Round your answer to the nearest cent.) Proceeds b. Find the effective rate charged by the bank. (Use 360 days a year. Do not round Intermediate calculations. Round your answer to the nearest tenth percent.) Effective rate