What effective annual rate ear is needy, Financial Management

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What effective annual rate ear is needy

The Needy Corportation borrowed $10,400 from Bank Ease, according to the terms of the loan, Needy must pay the bank $386 in interest every 3 months for the 3 year life of the loan, with the principal to be repaid at the maturity of the loan. What effective annual rate (EAR) is Needy paying?

The effective annual rate is is ____% (Round to one decimal place.)

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