danial ltd. CFO believes they will need to secure short-term financing to fund the company over the next six months. Based on market trends, the CFO projects the following interest rates (per annum):

January	7.0%		April	14.0%
February	8.0%		May	12.0%
March	11.0%		June	12.0%

The CFO predicts the company's funding requirements for the next six months are:

January		$9,300	April		$9,300
February		3,300	May		10,300
March		4,300	June		5,300

a). Complete the table below, and using the data computed, what is the expected annual rate of the short-term financing? ( Round intermediate calculations and final answers to 2 decimal places.)

Short-term Financing
Month	Rate	On monthly basis		Amount	Actual interest amount
January	___%	___ %		$9,300	$ ______
February	___%	___ %		$3,300	$ ______
March	___ %	___ %		$4,300	$ ______
April	___%	___ %		$9,300	$ ______
May	___%	___ %		$10,300	$ ______
June	___ %	___ %		$5,300	$ ______
					$ ______

b). Annual interest rate = ______%

(please provide your calculation)