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 Yeart 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. 5.11 X %