You can buy an item for $135 on an in-store payment plan with the promise to pay $135 in 90 days. Suppose you can buy an identical item for $131 cash. If you buy the item for $135, you are in effect paying $4 for the use of $131 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.)