A business intends touse 90-day bank-accepted bills futures to hedge the interest rate riskresulting from itsplans to borrow approximately $50million using the issue of commercial paperin three months. The yield oncommercial paperis currently 6.61% p.a. and the90-day bank-accepted bill futures are currently priced at 95.85.

The effective cost of funds if, in three months time the yield on commercialpaper is 7.5%p.a. and the 90-day bank-accepted bills futures contract is priced at 94.72, is ______ % p.a. (rounded to two decimal places)