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Your bank will lend you $4,600 for 55 days at a cost of $40 interest. What is your effective rate of interest? (Use a 360-day

Your bank will lend you $4,600 for 55 days at a cost of $40 interest.

What is your effective rate of interest? (Use a 360-day year. Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places.)

Effective rate %

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