Denim Industries can borrow its needed financing for expansion using one of two foreign lending facilities. It can borrow at nominal annual interest rate of 9% in Mexican pesos or it can borrow at 6% in Canadian dollars. If the pesco is expected to depreciate by 9.28% and the Canadian dollar is expected to appreciate by 5%, which loan has the lower effective annual interest rate. The effective annual interest rate of the loan in Canadian dollars is ____% (Round to two decimal places)