Assume that today you borrowed $46,000 at 3.55% compounded bi-weekly and that you plan to repay the loan with quarterly payments in equal amounts for the following 12 years. If you were to use the annuity present value formula to find the amounts of your quarterly payments, what effective periodic rate would you use in the formula?

Do not round intermediate calculations. Round the final answer to 2 decimal places. Omit the % sign in your response. For example, an answer of 15.39% should be entered as15.39