A company sold a $900,000 issue of bonds with a 14-year life, paying 4% interest per year. The bonds were sold at par value. If the company paid a selling fee of $48,000 and has an annual expense of $66,522 for mailing and record keeping, what is the true rate of interest that the company is paying for the borrowed money? The true rate of interest that the company is paying for the borrowed money is %. (Round to three decimal places.)