Martha Mills , manager of Plaza Gold Emporium, wants to sell on credit, giving costumers 3 months in which to pay. However, Martha will have to borrow from her bank to carry the accounts receivable. The bank will charge a simple 16%, but with monthly compounding. Martha wants to quote a simple interest rate to her customers (all of whom are expected to pay on time at the end of the 3 months) which exactly cover her financing costs. What annual should she quote to her credit costumers ?