QRB/501-A man has a simple discount note for $6,100,at an ordinary bank

Question
A man has a simple discount note for $6,100,at an ordinary bank discount rate of 8.84% ,for 60 days. What is the effective interest rate? Round to the nearest tenth of a percent. (Use the banker’s rule.)

The effective interest rate is %.(Round to the nearest tenth of a percent as needed.)

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