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. Payment Cash Payment Effective Interest Decrease in balance Outstanding Balance 69,611 1 11,000 0 11,000 58,611 2 11,000 7,033 3,967 54,644 3 11,000 6,557 4,443 50,201 4 11,000 6,024 4,976 45,225 5 11,000 5,427 5,573 39,652 6 11,000 4,758 6,242 33,410 7 11,000 4,009 6,991 26,419 8 11,000 3,170 7,830 18,589 9 11,000 ? ? ? 10 11,000 ? ? ? What is the effective annual interest rate? (Round final answer to the nearest whole percentage.)