A man has a simple discount note for $6,500 at an ordinary bank discount rate of 8.61 %, for 50 days. What is the effective interest rate? Round to the nearest tenth of a percent

Question

A man has a simple discount note for ​$6,500​ at an ordinary bank discount rate of 8.61 %, for 50 days. What is the effective interest​ rate? Round to the nearest tenth of a percent

A man has a simple discount note for ​$6,500​ at an ordinary bank discount rate of 8.61 %, for 50 days. What is the effective interest​ rate? Round to the nearest tenth of a percent

A man has a simple discount note for $6,500 at an ordinary bank discount rate of 8.61 %, for 50 days. What is the effective interest rate? Round to the nearest tenth of a percent