You can buy an item for $110 on an in-store payment plan with the promise to pay $110 in 90 days. Suppose you can buy an identical item for $104 cash. If you buy the item for $110, you are in effect paying $6 for the use of $104 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 %