Refer to the following lease amortization schedule. The five payments are made annually starting with the beginning of the lease. A $2.400 purchase option is reasonably certain to be exercised at the end of the five-year lease. The asset has an expected economic life of eight years. Lease Cash Payment Payment Effective Decrease in Outstanding Interest Balance Balance 39,580 30,780 2,462 6,338 24,443 1,955 6,845 17,598 1,408 10,206 8,800 8,800 8,800, 8,800 8,800 2.400 2 What is the effective annual interest rate? (Round your answer to the nearest whole percent.) Multiple Choice 3 3 3 3