Given an Annual Percentage Rate (APR) of 12% with semiannual compounding, the equivalent interest rate for a quarter is %. Instruction: Type your answer in the unit of percentage point, and round to two decimal places. E.g., if your answer is 0.0106465 or 1.06465%, should type ONLY the number 1.07, neither 0.0106465, 0.0106, nor 1.065%, because I already have percentage sign at the end of the problem. Otherwise, Blackboard will treat it as a wrong answer.