Suppose your firm is seeking a six$-$year, amortizing $$760,000$ loan with annual payments, and your bank is offering you the choice between a loan of $$806,000$ with a compensating balance of $$46,000$ and a loan of $$760,000$ without a compensating balance. The interest rate on the $$760,000$ loan is $9\mathrm{.}0$ percent.

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