Assume you have a Federally Subsidized Student loan that you took out 3 years ago. The Stated interest rate is 4.5%, but you make no payment and interest does not start accruing until 6 months after you graduate next year. The true effective rate that you will end up paying on this loan (The IRR) is:

a. higher than 4.5%

b. lower than 4.5%

c. equal to 4.5%

d. 0