Two bonds are available on the market as follows:

Bond 1: Face value $250, 5 years to maturity at a (simple) interest rate of 5%.
Bond 2: Face value $350, 3 years to maturity at a (simple) interest rate of r.
Given that both bonds yield the same interest to maturity, calculate r. Give your answer as a percentage to the nearest hundredth of a percent. Do not include the percent symbol in your answer. (For example, the solution 0.0355 would be written 3.55)