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 49,732 151,737 Short-Term Debt 843,244 843,244 Long-Term Debt 2,167,669 2,339,399 Total Liabilities 3,315,560 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