Your friend has two investment opportunities that she is considering and has asked for your advice regarding how she should proceed. One will have an 9.0% rate of return on an investment of $450; the other will have a 11.0% rate of return on an investment of $690. She would like to take advantage of the higher-yielding investment but has only $450 available.

Required:

What is the maximum rate of interest that your friend should be willing to pay to borrow the $240 needed to take advantage of the higher yield?

Note: Do not round intermediate calculations. Round your answer to 2 decimal places.