Question: The table below provides selected financial data for the Vogon Construction Co. in Years t and t-1. Selected Financial Information Vogon Construction Co. Year t-1

The table below provides selected financial data for the Vogon Construction

The table below provides selected financial data for the Vogon Construction Co. in Years t and t-1. Selected Financial Information Vogon Construction Co. Year t-1 Yeart Interest Expense 32.4 12.6 Short-Term Debt 61.0 67.1 Long-Term Debt 140.0 35.3 Total Liabilities 461.0 388.4 What interest rate (on average) does the company pay on its borrowed funds? Express your answer in percentage form rounded to one decimal place

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