If you sign a discount note for $7,500 at a bank discount rate of 9% for 9 months, what is the effective interest rate (as a %)? Round to the nearest tenth percent.

Essentials Of Investments
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ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
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If you sign a discount note for $7,500 at a bank discount rate of 9% for 9 months, what is the effective interest
rate (as a %)? Round to the nearest tenth percent.
X %
Transcribed Image Text:If you sign a discount note for $7,500 at a bank discount rate of 9% for 9 months, what is the effective interest rate (as a %)? Round to the nearest tenth percent. X %
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