A company has a lease expiring on December 31, 2013. The company is notified that the monthly rent will be double as of January 1,2014. This rate will be good for 2 years. The company wishes to dampen the effect of the rent increase by paying a higher rent for 2 1/2 years starting July 1, 2013. Calculate the percentage increase on July 1, 2013 assuming an interest rate of 7.2% compounded monthly.