if you compute $0\mathrm{.}03468$ interest rate on your calculator then ENTER $3\mathrm{.}47$ AS YOUR ANSWER. DO NOT ROUND IN YOUR CALCULATION STEPS $($use calculator memory functions$)$ TO AVOID ROUNDING ERRORS. There is a little bit of tolerance built into accepting$/$rejecting your answer, but if you round in your intermediate calculations you may be too far off.

Note: Always assume compound interest throughout the course, unless specifically instructed to work with simple interest.

Assume you borrowed $$12000$ from a bank. After $1$ year you are asked to repay $$12837\mathrm{.}6.$ What is the implied interest rate on this $1-$year loan?