In March 2019, the Company issued $500.0 million of senior unsecured notes maturing on March 1, 2026 ("2026 Term Notes"). The 2026 Term Notes accrue interest at a fixed rate of 3.40% per annum, with interest payable semi-annually. The Company received net cash proceeds of $496.2 million (for simplicity, assume the underwriting costs were zero). What was the effective interest rate for the notes in question H5? Use the RATE formula in Excel.