A firm offers credit terms of $\frac{2}{16},$ net $35.$ What is the effective annual rate on the credit extended if a customer foregoes the discount on a $$5,000$ purchase? Assume that there are $365$ days in one year. $($Do not

round intermediate calculations. Round the final answer to $2$ decimal places. Omit the $\%$ sign in your response. For example, an answer of $15\mathrm{.}39\%$ should be entered as $15\mathrm{.}39)$

Numeric Response