A payday loan is structured to obscure the true interest rate you are paying. For example, in Washington, you pay a $$31$ "fee" for a two$-$week $$195$ payday loan $($when you repay the loan, you pay

$$226).$ What is the effective annual interest rate for this loan? $($Assume $26$ bi$-$weekly periods per year.$)$

The effective annual interest rate is $\%.($Round to two decimal places.$)$