A U.S. firm borrowed 1 million euro on April 7, 2015 at 3% for five years (per annum, annual compounding). The exchange rate on the borrowing date was $1.3745 per euro. On the maturity date (Apple 8, 2020), the exchange rate was $1.1262 per euro. What was the U.S. borrowers borrowing cost (measured in U.S. dollars; annualized)? Answer in percent %