Question $21$

$3\mathrm{.}57$ pts

You can borrow $$59,963$ for six months at a stated annual rate of $7\mathrm{.}81\%.$ Calculate the effective annual interest rate: $($Enter answer as a percentage number with $2$ decimal places. Leave off the $"\%"$ symbol$)$

I believe I am supposed to use the effective annual interest rate equation: k$=(1+($$ interest you pay$/$ $ you get to use$))^($loan periods in a year$)-1.$ Getting tripped up trying to account for $6$ months in the numerator $($$ interest you pay$)$