Find the effective rate charged by the, Financial Management

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Find the effective rate charged by the

Bill Blank signed an $8,900 note at Citizen’s Bank. Citizen’s charges a 16/5% discount rate. Assume the loan is for 280 days. a. Find the proceeds. (Do not round intermediate calculations. Round your answer to the nearest cent.) b. Find the effective rate charged by the bank. (Do not round intermediate calculations. Round your answer to the nearest tenth percent.)

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