Although you may know William Shakespeare from his classic literature, what is not well known is that he was an astute investor. In $1604,$ when he was $40$ and writing King Lear, Shakespeare grew worried about his eventual retirement. Afraid that he would become like King Lear in his retirement and beg hospitality from his children, he purchased grain 'tithes', or shares in farm output, for $440.$

The tithes paid him $60$ per year for $31$ years. Even though he died at the age of $52,$ his children received the remaining payments. What interest rate did the Bard of Avon receive on this investment?