You are given a loan on which interest is charged over a 4-year period, as follows: an effective rate of discount of 6% for first year; a nominal rate of discount of 5% compounded every 2 years for the second year; a nominal rate of interest of 5% compounded semiannually for the third year; and a force of interest of 5% for the fourth year. Calculate the annual effective rate of interest over the 4-year period.