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 $1147.5. Assume interest rates are compounded semiannually, what is the Effective annual rate (EAR) on the loan?

12.14%

10.24%

10.88%

11.51%

9.61%