Desert Trading Company has issued $100 million worth of long-term bonds at a fixed rate of 14%. The firm then enters into an interest rate swap where it pays SOFR and receives a fixed 6.7% on notional principal of $100 million. What is the firms effective interest rate on its borrowing? Note: Enter value as positive amount. Round your answer to 1 decimal place.

\begin{tabular}{|l|l|} \hline Effective interest rate & \\ \hline \end{tabular}