Find the effective yield on a discount loan with the given discount rate r and the time. (Round your answer to two decimal places.) r = 8.9%, 9 months  %

Algebra and Trigonometry (MindTap Course List)
4th Edition
ISBN:9781305071742
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter13: Sequences And Series
Section13.4: Mathematics Of Finance
Problem 26E
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Find the effective yield on a discount loan with the given discount rate r and the time. (Round your answer to two decimal places.)

r = 8.9%, 9 months

 %

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