Denim Industries can borrow its needed financing for expansion using one of two foreign lending facilities. It can borrow at a nominal annual interest rate of 11% in Mexican pesos or it can borrow at 4% in Canadian dollars. If the peso is expected to depreciate by 9.17% and the Canadian dollar is expected to appreciate by 2%, which loan has the lower effective annual interest rate? The effective annual interest rate of the loan in Mexican pesos is 1% (Round to two decimal places.) The effective annual interest rate of the loan in Canadian dollars is % (Round to two decimal places.) Which loan has the lower effective annual interest rate? (Select the best answer below.) O A. The loan in Mexican pesos. OB. The loan in Canadian dollars. Click to select your answer(s). MacBook Air