An insurance policy provides a benefit of $14,500 eleven years from now. Alternatively, the policy pays $829.37 at the beginning of each year for eleven years. What is the effective annual rate of interest paid? The effective annual rate of interest is%.? (Round to two decimal places as needed.)

An insurance policy provides a benefit of \\( \\$ 14,500 \\) eleven years from now. Alternatively, the policy pays \\( \\$ 829.37 \\) at the beginning (Round to two decimal paces as needea.)