Using ordinary interest, 360 days, calculate the bank discount, proceeds, and effective rate for the following simple discount notes. Round effective rate to the nearest hundredth of a percent.
Face | Discount | Term | Bank | Effective | |
Value | Rate (%) | (days) | Discount | Proceeds | Kate (%) |
11. $2,700 | 14 | 126 | $132.30 | $2.567.70 | 14.72 |
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