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Suppose that Arthur s initial deposit is $ 1 2 0 0 0 . He deposits $ 3 0 0 on the 5 th of

Suppose that Arthur

s initial deposit is $

12000 .

He deposits $

300

on the

5

th of each month. Interest compounds

annually on the

31

st of December. Arthur would like the account balance to reach $

20, 000

on January

15

2026 .

Determine the interest rate required so that Arthur achieves his goal. Round your answer to two decimal places.

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