Santini Construction is evaluating a project to build a bridge over the Salmon River. The project is currently worth $14 million. In one year, when the construction is 30% complete, there will be a one-time payment of $3 million. Over the next two years, quarterly payments of $1.62 million will be made. The job is scheduled to be completed within the three years. During the first year, money is worth 7.25% compounded annually. What is the annually compounded interest rate for the annuity period?