Consider the following situation Mary lends Collin $912 for one year After one year Mary and Collin agree to settle the debt at that time for $952 What is the effective annual rate of interest for this transaction Answer in and include 4 decimal places

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Consider the following situation: Mary lends Collin $912 for one year. After one year Mary and Collin agree to settle the debt at that time

Consider the following situation:

Mary lends Collin $912 for one year.
After one year Mary and Collin agree to settle the debt at that time for $952.

What is the effective annual rate of interest for this transaction?

Answer in % and include 4 decimal places.

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