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 $94 cash. If you buy the item for $100. you are in effect paying $6 for the use of $94 for three months. What is the effective annual rate of interest? Ignore interest rate compounding. (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Effective annual rate of interest %