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Arnold buys a perpetuity for his daughter that pays $1311/year and costs him $14,713.80. What is the market rate of interest associated with this perpetuity?

Arnold buys a perpetuity for his daughter that pays $1311/year and costs him $14,713.80. What is the market rate of interest associated with this perpetuity? Make your answer positive as a whole number with 2 decimal places. Example: 5.10% = 5.10, not .0510)

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