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What is effective interest rate to elan for discount note

Question:

Elan Corporation is considering borrowing $100,000 from a bank for one year at a stated interest rate of 9%. What is the effective interest rate to Elan if this borrowing is in the form of a discount note?

1. 8.10%
2. 9.00%
3. 9.81%
4. 9.89%

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Accounting Basics: What is effective interest rate to elan for discount note

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Accounting Basics: What is effective interest rate to elan for discount note

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