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A designer signs an agreement to pay a bank $25000 in 5 months. The bank charges a 13% discount rate. Calculate the actual interest rate paid by the designer. Round the final answer to the nearest tenth percent.

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A designer signs an agreement to pay a bank $25000 in 5 months. The bank charges a 13% discount rate. Calculate the actual interest rate paid by the designer. Round the final answer to the nearest tenth percent.






 
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