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In an insurance settlement for bodily injury, a court awarded Mr. Goodman $103,600 for two years' loss of wages of $4,000 per month plus interest

In an insurance settlement for bodily injury, a court awarded Mr. Goodman $103,600 for two years' loss of wages of $4,000 per month plus interest on the lost wages to the end of the two years. What effective rate of interest has the court allowed on the lost wages? (Round your answer to two decimal places.)

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