Fergie has the choice between investing in a State of New York bond at $6\mathrm{.}2$ percent and a Surething Incorporated bond at

$9\mathrm{.}8$ percent. Assuming that both bonds have the same nontax characteristics and that Fergie has a $30$ percent marginal

tax rate, what interest rate does the State of New York bond need to offer to make Fergie indifferent between investing in

the two bonds?

Note: Do not round intermediate calculations. Round your answer to $2$ decimal places.

Interest rate