Problem $8-9($Algo$)$ Foreign borrowing $[$LO$8-2]$

Gulliver Travel Agency thinks interest rates in Europe are low. The firm borrows euros at $13$ percent for one year. During this time period, the dollar falls $20$ percent against the euro. What is the effective interest rate on the loan for one year? $($Consider the $20$ percent fall in the value of the dollar as well as the interest payment.$)$

Note: Compute your answer from a U$.$S$.$ perspective. Input your answer as a whole percent.

Effective interest rate