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(Related to Checkpoint 5.6) (Solving for 1) You've run out of money for college, and your college roommate has an idea for you. He offers

(Related to Checkpoint 5.6) (Solving for 1) You've run out of money for college, and your college roommate has an idea for you. He offers to lend you $14,000, for which you will repay him $38,088 at the end of 7 years. If you took this loan, what interest rate would you be paying on it? If you took this loan, the interest rate you would be paying on it is %. (Round to two decimal places.)

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