Question: (Solving for r for an annuity) You lend a friend $30,000 which your friend will repay in 9 equal annual end-of-year payments of $6,000 with

(Solving for r for an annuity)

You lend a friend $30,000 which your friend will repay in 9 equal annual end-of-year payments of $6,000 with the first payment to be received one year from now. What rate of return does your loan receive? (Round to two decimals)

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