A business intends to use 90-day bank-accepted bill futures to hedge the interest rate risk resulting from its plans to borrow approximately $4 million using the issue of commercial paper in three months. The yield on commercial paper is currently 6.52% p.a. and the 90-day bank-accepted bill futures are currently priced at 95.25.

The effective cost of funds if, in three months time the yield on commercial paper is 7.1%p.a. and the 90-day bank-accepted bill futures contract is priced at 94.25, is ______ % p.a. (rounded to two decimal places)

please write and explain clearly that i can follow step by step. the correct answer is 6.09