For this question, assume that the amount that you have to actually borrow for Mountain Sports, your ski and mountain bike rental business mentioned in the previous question, is $$24,000.$ Also assume that it is still a one year loan and the bank will charge $6\mathrm{.}0\%$ discount interest and require a $17\mathrm{.}0\%$ compensating balance, then determine the effective annual interest rate that the bank is charging Mountain Sports. Note: This is a Web Appendix $16$B topic.