Mary Jones recently obtained an equipment loan from a local bank. The loan is for $$14,000$ with a nominal interest rate of $11\%.$ However, this is an installment loan, so the bank also charges add$-$on interest. Mary must make monthly payments on the loan, and the loan is to be repaid in $1$ year. What is the effective annual rate on the loan $($assuming a $365-$day year$)?$ Do not round intermediate calculations. Round your answer to two decimal places.