A discount electronics store offers to let you pay for a $1000 stereo in 12 equal $93 installments. The store claims that since you repay $11 16 in 1 year, the $93 finance charg ou repaid the loan in a single payment at the end of the year. But since you start repayment after 1 month, this is an amortized loan, and 1 graphical approximation techniques or an equation solver to approximate the interest rate. Express the answer as a percentage e represents an 11.6% annual rate. This would be true if 1 6% is not the correct rate. What is the annual nominal compounding rate for this loan? Use % (Type an integerordecinalroundento gratefortalplaanis (Type an integer or decimal rounded to two decimal places as needed)