Refer to the following lease amortization schedule. The 10 payments are made annually starting with the beginning of the lease. Title does not transfer to the lessee and there is no purchase option or guaranteed residual value. The asset has an expected economic life of 12 years. The lease is noncancelable. Effective Decrease in Outstanding Payment Cash Payment Interest balance Balance $ 83,943 8 1234567 00 $ 12,000 $ 0 $ 12,000 71,943 12,000 6,475 5,525 66,418 12,000 5,978 6,022 60,396 12,000 5,436 6,564 53,832 12,000 4,845 7,155 46,677 12,000 4,201 7,799 38,878 12,000 3,499 8,501 30,377 12,000 $ 2,734 $ 9,266 $ 21,111 9 12,000 10 $ 12,000 ? ? ? ? ? ? What is the effective annual interest rate? Note: Round final answer to the nearest whole percentage.