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A firm borrowed $250,000 five years ago. It repaid the loan by making semiannual payments of $31,000 every six months for five years (end-of-period payments).

A firm borrowed $250,000 five years ago. It repaid the loan by making semiannual
payments of $31,000 every six months for five years (end-of-period payments). What was
the annual interest rate on this loan?

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