Santini Construction is evaluating a project to build a bridge over the Salmon River. The project is currently worth $$14$ million. In one year, when the construction is $30\%$ complete, there will be a one$-$time payment of $$1\mathrm{.}62$ million. Over the next two years, quarterly payments of $ $3$ million will be made. The job is scheduled to be completed within three years. During the first year, money is worth $7\mathrm{.}25\%$ compounded annually. What is the annual compounded interest rate for the annuity period?