Answer the Question. -Acme Manufacturing Company Needs to Borrow $150,000.00 for 50 Days

Short Answer

Answer the question.
-Acme Manufacturing Company needs to borrow $150,000.00 for 50 days to pay creditors. One way to get the money would be by way of a simple interest note with a rate of 8% and a principal of $150,000.00. At what discount rate would a simple discount note with proceeds of $150,000.00 have to be given to match the simple interest note? Round to the nearest ten-thousandths of a percent.