Randall Corporation plans to borrow $244,000 for one year at 14 percent from the Waco State Bank. There is a 23 percent compensating balance requirement. Randall Corporation keeps minimum transaction balances of $17,500 in the normal course of 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.)