A treasurer has decided to meet a current funding shortfall by drawing down a $10,000,000 (face value) 90—day commercial bill. The bill is drawn down to yield 3.98% p.a. and the company's bank charges an acceptance fee of 1.15% p.a. What is the effective annual (%) cost of this bill financing? (State your answer to two decimal places, i.e. in the form of x.xx%)