The table below provides selected financial data for the Vogon Construction Co. in Years t and t-1. Selected Financial Information Interest Expense Short-Term Debt Long-Term Debt Total Liabilities Vogon Construction Co. Year t-1 49,732 843,244 2,167,669 3,315,560 Year t 151,737 843,244 2,339,399 3,550,755 What interest rate (on average) does the company pay on its borrowed funds? Express your answer in percentage form rounded to one decimal place. 2.9 %