Freedom Corporation has purchased new parachutes. The fair value of the parachutes is $435,625. The purchase agreement requires semiannual payments of $33,906 beginning at the end of 6 months for 7 years and a down payment of $100,000. What is the annual interest rate, to the nearest percent, used in discounting this purchase transaction? (Note: You will first find a semi-annual rate) (Express answer as a decimal or whole number... you cannot use % sign in answer) Fini Answer: Tim