Acme has branched out to rentals of office furniture to start$-$up companies. Consider a $$4,900$ desk. Desks last for six years and can be depreciated immediately. Assume that lease rates for old and new desks are the same and that Acme$$s pretax administrative costs are $$390$ per desk at the beginning of each year. The cost of capital is $12\%$ and the tax rate is $21\%.$ Lease payments are made in advance, that is$,$ at the start of each year. The inflation rate is zero. Suppose a blue$-$chip company requests a six$-$year financial lease for a $$4,900$ desk. The company has just issued five$-$year notes at an interest rate of $9\%$ per year.

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

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