Starting on his 25th birthday and continuing through his 60th birthday, Fred deposits $7,300 each year on his birthday into a retirement fund earning an annual effective rate of 5%. Immediately after the last deposit, the accumulated value of the fund is transferred to a fund earning an annual effective rate of j. Five years later, a twenty-five year annuity-due paying $5,400 each month is purchased with the funds. The purchase price of the annuity was determined using an annual effective rate of interest of 4%. Find j. (Round your answer to two decimal places.)