Jackson is saving to pay for an island cruise. The private yacht company has given him two payment options. $239,825 upfront or $5,043 at the end of each month for 6 years with the first payment at the end of this month. What interest rate is the charter company offering on the payment plan?

Answer Format: INCLUDE ONLY NUMBERS AND DECIMALS IN YOUR ANSWER. Do not include "$" "," or any other formatting. Carry interim computations to at least 4 decimals. Enter numerical answers as a positive number rounded to 2 decimal places (###.##)