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On January 1, 1980, Julie received an annuity-certain. The annuity promised to pay $100 on each September 30th through 1997 and $200 on each

On January 1, 1980, Julie received an annuity-certain. The annuity promised to pay $100 on each September 30th through 1997 and $200 on each December 31st through 1997. If the value of the annuity on January 1, 1980 was calculated to be $3,050, what annual effective rate of interest was used? (Round your answer to two decimal places.) 6.46 %

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