Buddy Bolly just received his annual bank statement. One year ago, Buddy deposited $10,000 in a savings account. Today, his balance is $10,509.

Buddy Bolly just received his annual bank statement. One year ago, Buddy deposited $10,000 in a savings account. Today, his balance is $10,509.45. Buddy's savings account interest is compounded quarterly. Buddy received an annualized interest rate of __________ percent.