(Annuity interest rate)  You've been offered a loan of

$20 comma 00020,000,

which you will have to repay in

55

equal annual payments of

$6 comma 0006,000,

with the first payment due one year from now. What interest rate would you pay on that loan?

 

 

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Part 1

 

The interest rate you would pay on the loan is

enter your response here%