A company has agreed to pay $3.2 million in 8 years to

Last updated: 7/9/2022

A company has agreed to pay $3.2 million in 8 years to settle a lawsuit. How much must it invest in an account paying 9% annual interest compounded monthly to have that amount when it is due? What is the interest rate per period? (Type an integer or decimal rounded to four decimal places as needed.)