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Richard is a landscaper who is planning to break away from his employer and start his own landscaping company. In his first year, Richard expects

Richard is a landscaper who is planning to break away from his employer and start his own landscaping company. In his first year, Richard expects to make $23,000 in profit from his business after he pays all expenses (including for his own labor). To get started, he needs a $18,583 loan to purchase needed equipment. The bank has offered him a one-year loan. What is the maximum interest rate Richard is able to accept for this loan?

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