8. The York Company has arranged a line of credit that allows it to borrow up to $46 million at any time. The interest rate is .622 percent per month. Additionally, the company must deposit 4 percent of the amount borrowed in a non-interest-bearing account. The bank uses compound interest on its line-of- credit loans. What is the effective annual rate on this line of credit? A. 8.94% B. 6.48% C. 7.72% D. 8.05%