Question:
A 6 year bond costs $20,000 and will pay a total of $2,000
Last updated: 7/17/2022
![A 6 year bond costs $20,000 and will pay a total of $2,000](https://media.kunduz.com/media/sug-question/raw/55216345-1658079208.0833004.jpeg?h=512)
A 6 year bond costs $20,000 and will pay a total of $2,000 in interest over its lifetime. What is its annual interest rate r (as a percent)? (Round your answer to three decimal places.)