What is the effective annual rate $)$ of $10\mathrm{.}40\%$ compounded $26$ times a year. Round answer to two decimal places in percentage terms

$($for example, enter $9\mathrm{.}22\%$ as $9\mathrm{.}22,$ not $0\mathrm{.}09$ or $0\mathrm{.}0922).$ Note that $2$ times a year $=$ semiannual, $4$ times a year $=$ quarterly, $12$ times a year $=$

monthly, $26$ times a year $=$ bi$-$weekly, $52$ times a year $=$ weekly, and $365$ times a year $=$ daily.