Rob has $1,000 to invest for 120 days and is considering two options.

Option 1: He can invest the money in a 120-day GIC paying simple interest of 4.62%.

Option 2: He can invest the money in a 60-day GIC paying simple interest of 4.50% and then re-invest the maturity value into another 60-day GIC.

What would the interest rate on the second 60-day GIC have to be for both options to be equivalent? Round your answer to two decimal places and don't include the % symbol.