Suppose your firm is seeking a five$-$year, amortizing $$300,000$ loan with annual payments and your bank is offering you the choice between a $$310,000$ loan with a compensating balance of $$10,000$ and a $$300,000$ loan without a compensating balance. The interest rate on the $$300,000$ loan is $10\mathrm{.}0$ percent.

How low would the interest rate on the loan with the compensating balance have to be for you to choose it$?$Note: Do not round intermediate calculations. Round your final answer to $2$ decimal places.