The Michelle Ng. & Sara K. (M&S) Retail is considering using a public warehouse loan as part of its short-term financing. The firm will require a loan of C$1,560,000. Interests on the loan will be 15% (APR, annually compounding) to be paid at the end of the year. The warehouse charges 1% of the face value of the loan, payable at the beginning of the year. What is the effective annual rate of this warehousing arrangement? (PLEASEShow Calculations & Cash Flow on a timeline)