A start-up company that makes robotic hardware for CIM (computer integratedmanufacturing) systems borrowed $1million to expand its packagingand shipping facility. The contract required the company to repay the lender through aninnovative mechanism called "faux dividends,"a series of uniform annual payments over afixed period of time. If the company paid $290000 per year for five years,what was theinterest rate on the loan?