You can buy an item for $$130$ on an in$-$store payment plan with the promise to pay $$130$ in $90$ days. Suppose you can buy an identical item for $$124$ cash. If you buy the item for $$130,$ you are in effect paying $$6$ for the use of $$124$ for three months. What is the effective annual rate of interest? Ignore interest rate compounding.

Note: Do not round intermediate calculations. Enter your answer as a percent rounded to $2$ decimal places.

Effective annual rate of interest