Gulliver Travel Agencies thinks interest rates in Europe are low. The firm borrows euros at 14 percent for one year. During this time period the dollar falls 13 percent against the euro. What is the effective interest rate on the loan for one year? (Consider the 13 percent fall in the value of the dollar as well as the interest payment.) (Compute your answer from a U.S. perspective. Input your answer as a whole percent.)

Effective interest rate

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