Question: Compute the specified quantity. A 4 year bond costs $ 2 0 , 0 0 0 and will pay a total of $ 3 ,

Compute the specified quantity.
A 4 year bond costs $20,000 and will pay a total of $3,400 in interest over its lifetime. What is its annual interest rate r (as a percent)?(Round your answer to three decimal places.)

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