Weiss Inc. arranged a 9,000,000 revolving credit agreement with a group of banks. The firm paid an annual commitment fee of 0.5% of the unused balance of the loan commitment. On the used portion of the revolver, it paid 2.5% above prime for the funds actually borrowed on a simple interest basis. The prime rate was 8% during the year. If the firm borrowed 6,000,000 immediately after the agreement was signed and repaid the loan at the end of one year, what is the effective annual interest rate?