Petrol? Ibérico, a European gas? company, is borrowing ?$800,000,000 via a syndicated eurocredit for six years at 90 basis points over LIBOR. LIBOR for the loan will be reset every six months. The funds will be provided by a syndicate of eight leading investment? bankers, which will charge? up-front fees totaling 1.21% of the principal amount. What is the effective interest cost for the first year if the annual LIBOR is 3.50?% during the first six months and 3.90?% during the second six months. The effective interest cost for the first year is ___%. ?(Round to two decimal? places.)