Jeannette has decided to contribute to a personal pension plan. The plan calls for her to make monthly payments of $300 starting one month from today. The brochure describing the plan indicates that the pension contribution are invested in a portfolio that earns an effective rate of return of 12% per year and that this return is expected to continue until she retires. Jeannette plans to contribute to the plan for 30 years, and immediately following payment of her last pension contribution, intends to retire. As a result of pension legislation, when Jeannette retires, her lump sum pension fund must be transferred to a safer portfolio earning a different rate of interest. Her new pension fund will begin sending her monthly pension cheques starting one month after her retirement date. If Jeannette expects to receive pension cheques of $7,500 per month for thirty-five years after retirement, what minimum rate of interest (expressed as an effective annual rate) must the new pension fund earn?