1 1 15 points 811003 Rockette Dancers requires $0.5 million in financing for a 60 day period. Three alternatives are being considered a Establish a line of credit with the bank at an interest rate of 14 percent. The bank will require a 10 percent compensating balance. b Forgo trade discounts from suppliers on terms of 3/10 net 70 c Issue commercial paper for 60 days at a discount of 265 percent a. What would be the rate of interest for bank loan? (Use 365 days in a year. Do not round intermediate calculations. Round the final answer to 2 decimal places) Rate of interest for bank loan * b. What would be the cost of forgoing the cash discount? (Use 365 days in a year. Do not round intermediate calculations. Round the final answer to 2 decimal places.) Cost of forgoing the cash discount c. What would be the price of commercial paper? (Use 365 days in a year. Do not round intermediate calculations. Round the final answer to 2 decimal places ook Pnce d. Which alternative should be selected? Bank loan Cost of forgoing discount Commerical paper