Question: RKI Instruments borrowed $ 4 , 6 2 5 , 0 0 0 from a private equity firm for expansion of its facility for manufacturing

RKI Instruments borrowed $4,625,000 from a private equity firm for expansion of its facility for manufacturing carbon monoxide monitors. The company repaid the loan after 1 year with a single payment of $5,350,000. What was the interest rate on the loan?(Round the final answer to three decimal places.)

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