Randall Corporation plans to borrow $208,000 for one year at 16 percent from the Waco State Bank. There is a 26 percent compensating balance requirement. Randall Corporation keeps minimum transaction balances of $14,500 in the normal course business. This idle cash counts toward meeting the compensating balance requirement. What is the effective rate of interest? (Use a 360-day year. Input your answer as a percent rounded to 2 decimal places.) Effective rate of interest