Harper Engine Company needs $675,000 to take a cash discount of 1.50/15, net 70. A banker will loan the money for 55 days at an interest cost of $16,600.

1-What would be the effective interest rate in part d if the interest charge for 55 days were $10,600? (Use a 360-day year. Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places.)