In a discount interest loan, you pay the interest payment up front. For example, if a $1-$year loan is stated as $$38,000$ and the interest rate is $9\mathrm{.}00\%,$ the borrower $$pays$0\mathrm{.}0900\backslash$times $$38,000=$ $$3,420$ immediately, thereby receiving net funds of $$34,580$ and repaying $$38,000$ in a year.

What is the effective interest rate on this loan?

Note: Do not round intermediate calculations. Enter your answer as a percent rounded to $2$ decimal places.