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The table below provides selected financial data for the Vogon Construction Co. in Years t and t-1. Selected Financial Information Vogon Construction Co. Year t-1

The table below provides selected financial data for the Vogon Construction Co. in Years t and t-1.

Selected Financial Information Vogon Construction Co.
Year t-1 Year t
Interest Expense 45,681 48,017
Short-Term Debt 226,370 226,370
Long-Term Debt 608,712 733,044
Total Liabilities 1,708,157 1,853,358

What interest rate (on average) does the company pay on its borrowed funds? Express your answer in percentage form rounded to one decimal place.

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