A major property developer is concerned about lack of sales due to local economic conditions. To ensure that his condos areoccupied, he offers alease-to-purchase program inwhich, if people sign a lease by the end ofMarch, they will not have to start making payments until March of the following year. The purchase price of the condo is $189,000. Payments of $1169.51 will be required at the beginning of each month over a25-year amortization period. If interest is 5.29% compoundedsemi-annually during the firstyear, what is thesemi-annually compounded interest rate during the paymentperiod?

The interest rate during the payment period is _____% compoundedsemi-annually.

(Round the final answer to two decimal places. Round all intermediate values to six decimal places asneeded.)