A company will pay interest in the amount of $325,000 if $7,000,000 is borrowed from a line of credit. If the company would be required to maintain a $250,000 compensating balance and pay an up-front commitment fee of $6,000, what would be the effective annual interest rate on the lending arrangement?

Do not round intermediate calculations. Round the final answer to 2 decimal places. Omit the % sign in your response. For example, an answer of 15.39% should be entered as 15.39.