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A man has a simple discount note for ​$6,200​, at an ordinary bank discount rate of...

A man has a simple discount note for ​$6,200​, at an ordinary bank discount rate of 8.53%, for 50 days. What is the effective interest​ rate using the banker's rule?

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Answer #1

A man has a simple discount note for & 6200, at an ordinary banks discount wate of 8.53% for 50 days. M =$6200 D- 8.537 T= 50

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Answer #2

A man has a simple discount note for 6,400, at an ordinary bank discount rate of 8.53%, for 60 days


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