A professional athlete signed an 8-year contract with a professional sports team. The contract says that the player is being paid a total compensation of $5.0 million in present value. The player will receive a signing bonus of $1.0 million now, and the remaining compensation will be divided equally into 8 annual salaries of $600,000 each with the first salary paid a year from now. What is the implicit interest rate per year?

Group of answer choices

1.16%

-0.90%

5.29%

4.24%