You are given a loan on which interest is charged over a 3-year period, as follows:

(i) an effective rate of discount of 9% for the first year;

(ii) a nominal rate of interest of 6% compounded semiannually for the second year; and

(iii) a force of interest of 5% for the third year.

Calculate the annual effective rate of interest over the 3-year period to the closest value.