F1 Rachel's has a $45,000 line of credit with an interest rate of 7.4 percent and a compensating balance requirement of 275 percent. The compensating balance is based on the to borrowed with funds being held in an interest-free account. What is the effective annual Interest rate if the company requires $28,000 of borrowed funds for one year? A Multiple Choice O N O O to search O O NO A 2 7.58% 7.61% 7.64% 7.42% 7.51% W S X AR I E D + R D 0 F 5 L V ] T < Prev Fd Saved G B 10 13 of 20 7 H www. MAN SE U Nhk > N J K M O 48F Clear P10 D. Help 1