You receive a credit card offer with terms of 3.19% interest. When you read the fine print, however, you see that the interest is not the annual percentage rate (APR), but the amount being charged every month. What is the effective interest rate?

Enter your answer as the percentage rate (without the percentage sign). For example, if you calculate 12.34%, enter it as 12.34

Round your answer to two decimal places. Do not use a percentage ("%") sign.