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Justin Discounts a 115-Day Note for $26,000 at 8

Question 41

Multiple Choice

Justin discounts a 115-day note for $26,000 at 8.5%. The effective rate of interest to the nearest tenth percent is:

A) 0.8%
B) 0.87%
C) 8.5%
D) 8.7%
E) None of these

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