A bank offers your firm a revolving credit arrangement for up to $$68$ million at an interest rate of $1\mathrm{.}41$ percent per quarter. The bank also requires you to maintain a compensating balance of $6$ percent against the unused portion of the credit line, to be deposited in a noninterest$-$bearing account. Assume you have a short$-$term investment account at the bank that pays $\mathrm{.}82$ percent per quarter, and assume that the bank uses compound interest on its revolving credit loans.

What is your effective annual interest rate on the lending arrangement if you borrow $$47$ million immediately and repay it in one year?