Jackson Industries has borrowed $$127,000$ under a line$-$of$-$credit agreement. While the company normally maintains a checking account balance of $$12,000$ in

the lending bank, this credit line requires a $18\%$ compensating balance. The stated interest rate on the borrowed funds is $13\%.$ What is the effective annual

rate of interest on the line of credit?

The effective annual rate of interest is

$\%.($Round to two decimal places.$)$