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The Needy Corporation borrowed $9,200 from Bank Ease. According to the terms of the loan, Needy must pay the bank $316 in interest every three

The Needy Corporation borrowed $9,200 from Bank Ease. According to the terms of the loan, Needy must pay the bank $316 in interest every three months for the three-year life of the loan, with the principal to be repaid at the maturity of the loan. What effective annual rate (EAR) is Needy paying?

Part 1

The effective annual rate is %. (Round to one decimal place.)

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