In a discount interest loan, you pay the interest payment up front. For example, if a 1-year loan is stated as $28,000 and the interest rate is 12.25%, the borrower "pays" 0.1225 $28,000 = $3,430 immediately, thereby receiving net funds of $24,570 and repaying $28,000 in a year. What is the effective annual rate on a 1-year loan with an interest rate quoted on a discount basis of 22.25%?(Do not round intermediate calculations. Round your answer to 2 decimal places.)