Question 7 Lauren and Serena each have 47-week loans. At the end of their terms, they each repay $3,205. Lauren's loan uses the simple discount model while Serena's loan uses the simple interest model. The annual simple interest rate on Serena's loan is 10.4% What would the annual simple discount rate have to be on Lauren's loan if they borrowed the same amount of money? Round your answer to the nearest tenth of a percent