Petrol Ib$$rico$.$ Petrol Ib$$rico$,$ a European gas company, is borrowing $$500,000,000$ via a syndicated eurocredit for six years at $100$ basis points over LIBOR. LIBOR for the loan will be reset every six months. The funds will be provided by a syndicate of eight leading investment bankers, which will charge up$-$front fees totaling $1\mathrm{.}6\%$ of the principal amount. What is the effective interest cost for the first year if the annual LIBOR is $3\mathrm{.}90\%$ during the first six months and $4\mathrm{.}10\%$ during the second six months.

The effective interest cost for the first year is $\%.($Round to two decimal places.$)$