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Rob has $1,000 to invest for 120 days and is considering two options.

Option 1 He can invest the money in 120 - day GIC paying simple interest of 4.54%.

Option 2 He can invest the money in a 60-day GIC paying simple interest of 4.50 % and then re-invest the maturity value into another 60-day GIC.

What would the interest rate on the second 60-day GIC have to be for both options to be equivalent? Round your answer to two decimal places and don't include the % symbol.