A local bank is running the following advertisement in the newspaper: "For just

$2,000

we will pay you

$160

forever!" The fine print in the ad says that for a

$2,000

deposit, the bank will pay

$160

every year in perpetuity, starting one year after the deposit is made. What interest rate is the bank advertising (what is the rate of return of this investment)?

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Part 1

The interest rate the bank is advertising is

enter your response here%.

(Round to the nearest integer.)