Flip Bonner has just been awarded a $3,100,000 settlement in as personal injury lawsuit against his former employer, Central Manufacturing. The settlement agreement gave Mr. Bonner an immediate settlement payment of $100,000, with the remaining $3,000,000 to be paid out in equal annual installments over the next 20 years, with the first installment payment for the settlement to occur on February 15, 2021. Unfortunately, Mr. Bonner lost the initial settlement payment playing high stakes bingo at the casino in Durant, Oklahoma and needs immediate access to the remaining settlement payments. JD Moore Financial, which specializes in purchasing structured payout streams from personal injury settlements, has offered to make an immediate lump-sum payout to Mr. Bonner of $1,844,229.45 in exchange for 100 percent of the installment payments from his personal injury settlement. Determine the borrowing cost (to the nearest 1/100th of one percent) implicit in the lump-sum payout offered by JD Moore.