You have been slaving away working on all of these tough problems in your university program, and you are thinking about what it would be like to drive a new car instead of the 1984 Bakkie you are currently driving. You figure that you will enter the workforce relatively soon and plan to purchase a vehicle costing $520 000 in 4 years' time. You estimate that you will have to come up with a 20% deposit to purchase the car in 4 years and borrow the rest of the money at that time. You plan to make monthly deposits into an account that pays interest at a rate of 6% p.a. compounded monthly. Assuming you can get a 5-year loan in four years' time, what will the annual interest rate be if you are required to pay $9 584,00 at the end of each month?