Mike Gioulis Signed a $23,000 Simple Discount Promissory Note at a Bank

Short Answer

Mike Gioulis signed a $23,000 simple discount promissory note at a bank discount rate of $12 \frac { 3 } { 4 } \%$ . If the term of the note was for 8 months, what was the effective rate of interest? (Round to the nearest hundredth of a percent)