Effective interest rate of a simple discount note

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What is the effective interest rate of a simple discount note for $3,500 at a bank discount rate of 11%, for 24 months? (Round to the nearest tenth percent)

Reference no: EM132075420

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Effective interest rate of a simple discount note : What is the effective interest rate of a simple discount note for $3,500 at a bank discount rate of 11%, for 24 months? (Round to the nearest tenth percent)

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