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. Cash Payment Effective Interest Decrease in balance Payment 1 2 3 4 5 6 7 8 9 10 10,000 10,000 10,000 19, eee 10, eee 10, eee 10,000 10, eee 10,000 10, eee e 4,998 4,597 4,165 3,698 3,194 2,650 2,062 10,000 5,002 5,403 5,835 6, 302 6,806 7,350 7,938 ? ? Outstanding Balance 72,469 62,469 57,467 52,064 46,229 39,927 33,121 25,771 17,833 ? ? What is the effective annual interest rate? (Round final answer to the nearest whole percentage.) Multiple Choice 8% 10%. O 5% 6%