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Consider the creation of a pair of CMO floating tranches, a floater and an inverse floater. The floater carries a notional principal value of $15

Consider the creation of a pair of CMO floating tranches, a floater and an inverse floater. The floater carries a notional principal value of $15 million, while the inverse floater carries a notional principal value of $5 million (a scaling factor of 3.00). Both tranches make annual interest payments to security holders. The floater carries an interest rate cap of 12.00% per year. At the time of issue, the interest rate was 9.00% per year. If the current interest rate has fallen to 6.00%, what is the current implied interest rate applied to the inverse floater tranche? (Enter your answer in percentage points rounded to the nearest two decimal points, e.g., enter 7.456% as 7.46)

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