Sarah Denny purchased an investment for $40260.48. From this investment she will receive $6000 annually for the next 10 years starting one year from now. What rate of interest will Sarah be earning on her investment?

Interest Rate

The percentage at which interest is paid by a borrower for the use of money that they borrow from a lender.

Annual Payment

A payment made once a year, often related to loans, insurance policies, or subscription services.

Investment

The allocation of resources, usually capital, in the expectation of generating an income, profit, or capital appreciation.