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 Decrease in balance Effective Interest Cash Outstanding Balance Payment Payment 108,703 93,703 86.200 78,096 69,343 59,891 49.682 38,656 26,749 15,000 7,504 8,104 8,752 9.453 10,209 11,025 11,907 0 7496 6,896 6,248 5,547 4,791 3,975 3,093 5,000 5,000 15,000 15,000 15,000 15.000 15,000 15.000 15,000 15,000 6 8 I0 What is the effective annual interest rate? (Round final answer to the nearest whole percentage.) 10%. 6%. 5%. 8%