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Fairfax Paint just borrowed 62,800 dollars. The terms of the loan require the company to make equal semi-annual payments forever. The first semi-annual payment is

Fairfax Paint just borrowed 62,800 dollars. The terms of the loan require the company to make equal semi-annual payments forever. The first semi-annual payment is due in 6 months. If the regular semi-annual loan payment is 3,000 dollars, then what is the EAR of the loan? Answer as a rate in decimal format so that 12.34% would be entered as. 1234 and 0.98% would be entered as .0098

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