Q) Budding entrepreneurs at "Your Business" were excited that their presentation at the SAIT annual entrepreneurial competition was voted the best by every judge. An angel investor in the audience was very impressed by your business plan and offered to help you start your business by offering you a loan at 4.353% compounded semi-annually. After three years, your business had savings of $29,500 and your business used the entire amount to completely pay off the outstanding debt with the investor.

problem 1: Assuming the same loan amount and the same accumulated debt, what simple annual interest rate would have been charged over the 3-year period? Express the rate as a percentage rounded to 5 decimal places. (Label given values with simple interest symbols.)