PLEASE EXPLAIN YOUR ANSWER. THANK YOU.

Vandermark Credit Corp. wants to earn an effective annual return on its consumer loans of 15.75 percent per year. The bank uses daily compounding on its loans. What interest rate is the bank required by law to report to potential borrowers? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16. Use 365 days in a year.) Interest rate %