The Rasputin Brewery is considering using a public warehouse loan as part of its short-term financing. The firm will require a loan of $600,000. Interest on the loan will be 10.3% (APR, annual compounding) to be paid at the end of the year. The warehouse charges 0.96% of the face value of the loan, payable at the beginning of the year. What is the effective annual rate (EAR) of this warehousing arrangement? The effective annual rate is %. (Round to two decimal places.)