An investment firm charges commissions on stock trades according to the following commission schedule:
Transaction Size | Commission |
$ $ | $ of principal |
$$ | $ of principal |
$ $ | $ of principal |
Suppose an investor purchases stocks at per share, holds for weeks and then sells the stocks for $ per share. Find the annual simple interest rate earned by this investment.
(Note: Your answer should be correct to two decimal places to be counted as correct.)