Question: RKI Instruments borrowed $ 4 , 8 7 5 , 0 0 0 from a private equity firm for expansion of its facility for manufacturing

RKI Instruments borrowed $4,875,000 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 $5,375,000. What was the interest rate on the loan?

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