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Surinder borrowed $1500.00 and agreed to pay $1905.07 in settlement of the debt in eight years, five months. What annual nominal rate compounded monthly

Surinder borrowed $1500.00 and agreed to pay $1905.07 in settlement of the debt in eight years, five months. What annual nominal rate compounded monthly was charged on the debt? The nominal annual rate of interest is % (Round the final answer to four decimal places as needed. Round all intermediate values to six decimal places as needed.)

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