A loan of $1,020 was repaid at the end of 12 months with a check for $1,050. What annual rate of interest was charged? The

Question

A loan of $1,020 was repaid at the end of 12 months with a check for $1,050. What annual rate of interest was charged? 
The annual rate of interest was charged at %. (Round to two decimal places as needed.)

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