Fill in the blank. If a company has three tranches of debt with the 1 st tranche amounting to $60m with an average interest rate of 5.25%, 2nd tranche amounting to $40m with an average interest rate of 6.95%, and 3rd tranche amounting to $20m at an average interest rate of 8.75%. What is the weighted average interest rate? Round your answer to one decimal point with no sign convention (no percentage sign needed). Weighted Average Interest Rate =%