Acme has branched out to rentals of office furniture to start$-$up companies. Consider a $$3,900$ desk. Desks last for six years and can

be depreciated immediately. Assume that lease rates for old and new desks are the same and that Acme's pretax administrative costs

are $$290$ per desk at the beginning of each year. The cost of capital is $10\%$ and the tax rate is $21\%.$ Lease payments are made in

advance, that is$,$ at the start of each year. The inflation rate is zero. Suppose a blue$-$chip company requests a six$-$year financial lease for

a $$3,900$ desk. The company has just issued five$-$year notes at an interest rate of $7\%$ per year.

What is the break$-$even rate in this case?

Note: Do not round intermediate calculations. Round your answer to $2$ decimal places.

Break$-$even rate