Lonnie Sharks Pawn Shop charges an interest rate of 17 percent per month on loans to its customers. Like all lenders, Lonnie must report an APR to consumers.

Requirement 1: What rate should the shop report? (Round your answer as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).) Annual percentage rate %

Requirement 2: What is the effective annual rate? (Round your answer as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).) Effective annual rate %