A friend has $1,350 that he has saved from his part-time job. He will need his money, plus any interest earned on it, in six months and has asked for your help in deciding whether to put the money in a bank savings account at 6.00% interest or to lend it to Victor. Victor has promised to repay $1,418 after six months.

Calculate the annual rate of return if the money is lent to Victor.

Note: Do not round intermediate calculations. Round your answer to 2 decimal places.

0.10 was incorrect