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Compute the specified quantity. A 4 year bond costs $ 2 0 , 0 0 0 and will pay a total of $ 3 ,

Compute the specified quantity.

4

year bond costs $

20, 000

and will pay a total of $

3, 400

in interest over its lifetime. What is its annual interest rate r

(

as a percent

) ? (

Round your answer to three decimal places.

)

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