I'm not sure what I'm doing wrong here. Please help me.
Warren Ford borrowed $15,000 on a non-interest bearing simple discount note at 5.75% for 90 days. Assume ordinary interest.
1. What is the maturity value?
2. What is the bank's discount?
3. What is Warren's proceeds?
4. What is the effective rate? Round to the nearest hundredth percent.
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