The John Town Bank is planning on raising $292,228 million in a new offering of commercial paper through its holding company. It plans on using $195,830 million of it to fund new loans. The current interest rate for similar commercial paper is 7% and it expects 0.19% in issuing costs. What is the effective cost rate of interest on this issue of commercial paper?

Type your answer as percentage and not as decimal (i.e. 5.2 and not 0.052). Round your solution to the nearest three decimals if needed. Do not type the % symbol.