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If the Banker's Discount on a sum of $4000 for 1 year at 9% is $360, what is the

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Q1
If the Banker's Discount on a sum of $4000 for 1 year at 9% is $360, what is the effective interest rate?
  1. 9%
  2. 10%
  3. 11%
  4. 12%

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If the Banker's Discount on a sum of $4000 for 1 year at 9% is $360, what is the effective interest rate?
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