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For services rendered, an attorney accepts a 90-day note for $4,800 at 8% simple interest from a client. (Both interest and principal are repaid at the end of 90 days.) Wishing to use her money sooner, the attorney sells the note to a third party for $4,840 after 30 days. What annual interest rate will the third party receive for the investment? The third party will receive an annual interest rate of %. (Type an integer or decimal rounded to two decimal places as needed.)

For services rendered, an attorney accepts a 90-day note for $4,800 at 8% simple interest from a client. (Both interest and principal are repaid at the end of 90 days.) Wishing to use her money sooner, the attorney sells the note to a third party for $4,840 after 30 days. What annual interest rate will the third party receive for the investment? The third party will receive an annual interest rate of %. (Type an integer or decimal rounded to two decimal places as needed.)

Advanced Engineering Mathematics
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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For services rendered, an attorney accepts a 90-day note for $4,800 at 8% simple interest from a client. (Both interest and principal are repaid at the end of 90 days.) Wishing to use her money sooner, the attorney sells the note to a third party for $4,840 after 30 days. What annual interest rate will the third party receive for the investment? The third party will receive an annual interest rate of %. (Type an integer or decimal rounded to two decimal places as needed.)
Transcribed Image Text:For services rendered, an attorney accepts a 90-day note for $4,800 at 8% simple interest from a client. (Both interest and principal are repaid at the end of 90 days.) Wishing to use her money sooner, the attorney sells the note to a third party for $4,840 after 30 days. What annual interest rate will the third party receive for the investment? The third party will receive an annual interest rate of %. (Type an integer or decimal rounded to two decimal places as needed.)
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