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Saved Help Save & Exit Refer to the following lease amortization schedule. The 10 payments are made annually starting with the beginning of the lease. Title does not transfer to the lessee and there is no purchase option or guaranteed residual value. The asset has an expected economic life of 12 years. The lease is noncancelable. Cash Effective Decrease Outstanding Balance Payment Payment 54:40 Interest in balance 69,611 58,611 54,644 50,201 45,225 1 11,000 11,000 3,967 2 11,000 7,033 11,000 6,557 6,024 4,443 4 11,000 4,976 5,573 6,242 6,991 11,000 s,427 39,652 33,410 26,419 18,589 6 11,000 4,758 7 11,e00 4,009 8 11,000 3,170 7,830 11,e0e 10 11,000 What is the effective annual interest rate? (Round final answer to the nearest whole percentage.)