Question: Hayao is an investor looking to set up a fund to supplement his income. This fund will make ten annual payments of $10,000, the first

Hayao is an investor looking to set up a fund to supplement his income. This fund will make ten annual payments of $10,000, the first payment being 6 months from now. He has secured an account that will earn 6% p.a. compounding semi-annually.

Calculate the effective annual interest rate. Express your answer as a percentage.

Round your answer to the nearest whole number.

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