Suppose Community Bank offers to lend you $11,000 for one year at a nominal annual rate of 15.75%, but you must make interest payments at the end of each quarter and then pay off the $11,000 principal amount at the end of the year. What is the effective annual rate on the loan? 000 a. 16.37% b. 15.75% c. 16.59% d. 16.94% e. 16.70%