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The Jasmine Tea Company purchased merchandise from a supplier for $29, 504. Payment was a noninterest-bearing note requiring Jasmine to make six annual payments of

The Jasmine Tea Company purchased merchandise from a supplier for $29, 504. Payment was a noninterest-bearing note requiring Jasmine to make six annual payments of $6,000 beginning one yearfrom the date of purchase. What is the interest rate implicit in this agreement

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