An investor was afraid that he would become like King Lear in his retirement and beg hospitality from his children, so he purchased grain "tithes," or shares in farm output, for 780 pounds. The tithes paid him 77 pounds per year for 33 years. What interest rate did the he receive on this investment? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.).

1. An investor was afraid that he would become like King Lear in his retirement and beg hospitality
from his children, so he purchased grain "tithes," or shares in farm output, for 780 pounds. The
tithes paid him 77 pounds per year for 33 years. What interest rate did the he receive on this
investment? (Do not round intermediate calculations and enter your answer as a percent rounded
to 2 decimal places, e.g., 32.16.)