A start$-$up company that makes robotic hardware for CIM $($computer

integrated$$manufacturing$)$ systems borrowed $$1\mathrm{.}1$million

to expand its packaging$$and shipping facility. The contract

required the company to repay the lender through an$$innovative

mechanism called "faux dividends,"$$a series of uniform annual

payments over a$$fixed period of time. If the company paid

$$295000$ per year for five years,$$what was the$$interest

rate on the loan?$$The interest on$$the loan was$\%.$