$($Related to Checkpoint $18\mathrm{.}2)($Estimating the cost of bank credit$)$ Paymaster Enterprises has arranged to finance its seasonal working$-$capital needs with a short$-$term bank loan. The loan will

carry a rate of $16$ percent per annum with interest paid in advance $($discounted$).$ In addition, Paymaster must maintain a minimum demand deposit with the bank of $10$ percent of the loan balance

throughout the term of the loan. If Paymaster plans to borrow $$120,000$ for a period of $2$ months, what is the annualized cost of the bank loan?

The annualized cost of the bank loan is

$\%.($Round to two decimal places.$)$