30) Calculate the annual cost for commercial paper (CP) on a $10,000,000 CP issue with a 60-day maturity at a discount rate of 7%. The prorated dealer cost for the CP works out to $2,083. The company has arranged for a backup line of credit for $10,000,000, with an annual commitment fee of 25 basis points on the line, working out to a prorated backup credit cost of $4,167. (NOTE: When calculating, round all dollar amounts to whole dollars, and round all other intermediate calculations to four decimal places.) a. 7.93% b. 7.54% C. 7.05% d. 8.14%