Becky Anderson bought a television set with money borrowed from the bank at $5 \%$ interest compounded semiannually. What effective interest rate did she pay? The effective interest rate is $\square \%$. (Round to the nearest hundredth as needed.)

Step 1 ：Becky Anderson borrowed money from the bank at an interest rate of 5% compounded semiannually.

Step 2 ：The nominal interest rate \( r \) in decimal form is 0.05.

Step 3 ：The number of compounding periods per year \( n \) is 2.

Step 4 ：The number of years \( t \) is 1.

Step 5 ：We calculate the effective interest rate using the formula \( (1 + r/n)^{n*t} - 1 \).

Step 6 ：The effective interest rate in decimal form is approximately 0.0506.

Step 7 ：We convert the effective interest rate to percentage form and round to the nearest hundredth to get 5.06%.

Step 8 ：\(\boxed{5.06 \%}\) is the effective interest rate that Becky Anderson paid.