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As reported by the Florida Bar News, Florida’s statutory interest rate is set to increase in October to a rate of 6.89 percent per annum. This is a slight increase over last quarter’s interest rate of 6.77 percent per annum.

Pursuant to Section 55.03(1), Florida Statutes, Florida’s Chief Financial Officer is responsible for calculating the statutory interest rate applicable to judgments and decrees on a quarterly basis. The statutory interest rate is determined by adding 400 basis points to the previous twelve month average federal discount rate of the Federal Reserve Bank of New York.

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