A 30-year 1/1 ARM has an initial rate of 3.80%. In the future, the rate will reset to 233 basis points above the SOFR index rate with no rate caps or floors. In one year, at the time of the first reset, the SOFR is 2%. What interest rate will be used to compute payments at the first reset? Write your answers as a percent rounded to two decimal points without any signs (e.g. if you

get 4.5699%, write 4.57)