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Answered: A man has a simple discount note for…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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A man has a simple discount note for $6,100, at an ordinary bank discount rate of 8.53%, for 60 days. What is the effective interest rate? Round to the nearest tenth of a percent. (Use the banker's rule)