A bank offers interest rates of 2.50% p.a. for 60-day GICs and 2.75% p.a. for 120-day GICs. Leonie was considering the following two investment options at this bank:

Option A: Invest an amount in a 120-day GIC.

Option B: Invest an amount in a 60-day GIC then invest the maturity amount in a second 60-day GIC.

What interest rate should be offered on the 60-day GIC, 60 days from now, for Leonie to earn the same amount of money from either option?

%

Round to two decimal places