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The Jasmine Tea Company purchased merchandise from a supplier for $ 3 6 , 9 0 2 . Payment was a noninterest - bearing note

The Jasmine Tea Company purchased merchandise from a supplier for $36,902. Payment was a noninterest-bearing note requiring Jasmine to make five annual payments of $9,000 beginning one year from the date of purchase. What is the interest rate implicit in this agreement?
Note: Do not round intermediate calculations. Round the interest rate to 1 decimal place.
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Present Value:
n =
i =
Annuity Payment

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