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Jay Discounts a 100-Day Note for $25,000 at 13

Question 15

Multiple Choice

Jay discounts a 100-day note for $25,000 at 13%. The effective rate of interest to the nearest hundredth percent is:

A) 13.48%
B) 13.49%
C) 13.02%
D) 13.03%
E) None of these

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