Randall Corporation plans to borrow $$271,000$ for one year at $15$ percent from the Waco State Bank. There is a $25$ percent compensating balance requirement. Randall Corporation keeps minimum transaction balances of $$12,500$ in the normal course of business. This idle cash counts toward meeting the compensating balance requirement.

What is the effective rate of interest?

Note: Use a $360-$day year. Input your answer as a percent rounded to $2$ decimal places.