Citadel, a hedge fund, has borrowed 100,000 AAPL shares via BONY, a securities lender. Citadel has pledged $1.2 million as collateral as well to BONY. If the annualized rate of borrow fees is 0.70% and the cash pledged as collateral earns 0.12%, what is the effective borrowing rate? 0.58% 0.82% 0.70 % 0.12 %