You can buy an item for $115 on a charge with the promise to pay $115 in 90 days. Suppose you can buy an identical item for $112 cash. If you buy the item for $115, you are in effect paying $3 for the use of $112 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.)