You have purchased a new computer for $1000. To finance the purchase, you've arranged for a loan from the bank that you paid off after 18 months in one lump sum payment of $1177.5. Assume interest rates are compounded semiannually, what is the Effective annual rate (EAR) on the loan? 10.24%

11.51%

9.61%

10.889%

12.14%

Note: please tell me the correct answer in percentage not dollar. Thank you.