The treasurer of Brandon Blue Sox is seeking a $$28,000$ loan for $180$ days from the Brandon Credit Union. The stated interest rate is $10$ percent and there is a $15$ percent compensating balance requirement. The treasurer always keeps a minimum of $$2,300$ in the firm$$s chequing account. These funds could count toward meeting any compensating balance requirements.

What is the annual rate of interest on this loan? $($Use $365$ days in a year. Do not round intermediate calculations. Round the final answer to $2$ decimal places.$)$

Annual rate of interest

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