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(b) Larkspur Inc. has completed the purchase of new Dell computers. The fair value of the equipment is $787,600. The purchase agreement specifies an immediate

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(b) Larkspur Inc. has completed the purchase of new Dell computers. The fair value of the equipment is $787,600. The purchase agreement specifies an immediate down payment of $184,200 and semiannual payments of $74,394 beginning at the end of 6 months for 5 years. What is the interest rate, to the nearest percent, used in discounting this purchase transaction? Interest rate % semiannually

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