Encarna at A4000000 songs new released with an Effective annual rate financial institution made a $4,000,000, 1-year discount loan at 8% interest, requiring a compensating balance equal to 9% of the face value of the loan Determine the effective annual rate associated with this lonn (Note. Assume that the firm currently maintains $0 on deposit in the financial institution) The effective annual rate associated with the loan is % (Round to two decimal places)