dgn 15 in exchange for a $470 million fixed commitm the following 4 points 1 Pay 30% per quarter on any funds actually borrowed 2. Maintain a 4% compensating balance on any funds actually borrowed. 3. Pay an up front commitment fee of 0170% of the amount of the line Based on this information answer the following a. Ignoring the commitment fee, what is the effective annual interest rate on this line of credit? (Do not round intermediate calculations. Round the final answer to 2 decimal places.) 8 00:30:24 Effective annual interest rate 1% b. Suppose your firm immediately uses $100 million of the line and pays it off in one year What is the effective annual interest rate on this $100 million loan? (Do not round intermediate calculations. Round the final answer to 2 decimal places.) Effective annual interest rate %