Evergreen Credit Corporation wants to earn an effective annual return on its consumer

loans of $16$ percent per year. The bank uses daily compounding on its loans. What

interest rate is the bank required by law to report to potential borrowers? $($Use $365$ days

a year. Do not round intermediate calculations and enter your answer as a percent

rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$