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 depreclated 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? (Do not round intermediate calculations. Round your answer to 2 decimal ploces.)