What is the effective interest rate of simple discount note

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Reference no: EM131622914

Question: 1. Roland Clark has a simple discount note for $6,500, at an ordinary bank discount rate of 8.74%, for 60 days. What is the effective interest rate? Round to the nearest tenth of a percent.

2. What is the effective interest rate of a simple discount note for $30,800, at an ordinary bank discount rate of 14%, for 20 days? Round to the nearest tenth of a percent.

Reference no: EM131622914

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