You purchased a perpetuity that makes 6 payments per year. (That is the perpetuity makes payments every 2 months.) The first payment will be received 2 months from today. You paid $130,000 for the perpetuity. The amount of the quarterly payment is $1,200. What is the effective periodic rate that is being earned on the perpetuity. Your answer should be shown as a percentage and it should be accurate to two decimal places. Therefore 0.0234857 should be recorded as 2.35.