You can buy an item for $100 on an in-store payment plan with the promise to pay $100 in 90 days. Suppose you can buy an identical item for $95 cash. If you buy the item for $100, you are in effect paying $5 for the use of $95 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 %