To start a new business, Alysha intends to borrow $11,000 from a local bank. If the bank asks her to repay the loan in 5 equal annual instalments of $2,901.77, determine the bank's effective annual interest rate on the loan transaction. With annual compounding, what nominal rate would the bank quote for this loan? (Round answer to 0 decimal places, e.g. 15%.) Effective annual interest rate % Nominal rate %