Goliath Banking Corp (GBC) offers an income investment product (IIP) for customers. The details for this product is as follows:

1. Customers pay $923.30402865101 to buy an IIP.

2. The IIP will pay $36 at the end of each year for 13 years.

3. The IIP will pay out a further single payment of $1,000 after 13 years.

4. There are no further payments after this single payment at time 13.

Calculate the return GBC promised to investors that buy this product, expressed as an effective annual rate. Give your answer as a percentage to 4 decimal places.

Answer rating: 100% (QA)

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