Carmen's Beauty Salon has estimated monthly financing requirements for the next six months as follows: January $ 8,600 April $ 8,600 February 2,600 May 9,600 March 3,600 June 4,600 Short-term financing will be utilized for the next six months. Projected annual interest rates are: January 5.0 % April 12.0 % February 6.0 May 12.0 March 9.0 June 12.0 What long-term interest rate would represent a break-even point between using short-term financing and long-term financing? (Round intermediate calculations and final answer to 2 decimal places. Omit the "%" sign in your response.)