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The Rasputin Brewery is considering using a public warehouse loan as part of its short-term financing The firm will require a loan of $530,000. Interest

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The Rasputin Brewery is considering using a public warehouse loan as part of its short-term financing The firm will require a loan of $530,000. Interest on the loan will be 10.4% (APR annual compounding) to be paid at the end of the year. The warehouse charges 102% 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)

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