You are in desperate need of cash and turn to your uncle, who has offered to lend you some money. You decide to borrow $1,380 and agree to pay back $1,790 in two years. What annual interest rate is your uncle charging you? (If you solve this problem with algebra round intermediate calculations to 6 decimal places, in all cases round your final answer to two decimal places, e.g. 8.72%.) Alternatively, you could borrow from your bank that is charging 6.8 percent interest annually. Should you borrow from your uncle or the bank?
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