You can buy an item for $130 on a charge with the promise to pay $130 in 90 days. Suppose you can buy an identical item for $127 cash. If you buy the item for $130, you are in effect paying $3 for the use of $127 for three months. What is the effective annual rate of interest? Ignore interest rate compounding. (Do not round your intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)