Michael borrowed $2,000$ dollars. The interest on the loan was compounded annually for $3$ years, and the interest rate remains the same. After $3$ years, Michael owed $2,519.42$ dollars. What was the interest rate? ( $1.079^{3} \approx 1.25971$ and $1.058^{3}\approx 1.18429$; round the result to the nearest tenth of a percent) 
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