![Time Remaining: 00:5345 Submit Quiz his Question: 1 pt 5 of 8 (2 complete) This Quiz: 8 pts possible A man has a simple discount note for $6,100, at an ordinary bank d percent. scount rate o 884% for 40 days. What is the effect e interest ate? Round tote earest tenth of a The effective interest rate is []%. (Round to the nearest tenth of a percent as needed.) Enter your answer in the answer box. re to search](http://img.homeworklib.com/questions/73bdf9b0-70a9-11ea-9da2-4fe0bff099d6.png?x-oss-process=image/resize,w_560)
Homework Answers
| Effective Interest rate is = (Ordinary bank rate * (40/365)) | ||
| Effective Interest rate is = (8.84%*(40/365)) | ||
| Effective Interest rate is = 0.9688% | ||
| Effective Interest rate is = 0.97% | ||
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