Finance - CFIN 6th Edition Chapter 14, Problem 12 Solution

I am not able to come up with the same solution posted in the Chegg Study Textbook solution for this question beginning with step 4 of 7. The issue has to do with computing the EAR. I followed the textbook solution, but the response does not make sense for the EAR. Please help.

Chapter 14 Problem 12

Montana Allied Products (MAP) must borrow $1.7 million to finance its working capital requirements. The bank has offered a 45-day simple interest loan with a quoted interest rate of 8 percent. Calculate the loans APR and assuming there is (a) no compensating balance requirement and (b) a 15 percent compensating balance requirement, which MAP must satisfy from the loan proceeds. (c) How much does MAP have to borrow so that it has $1.7 million to pay its bills if the loan requires a 15 percent compensating balance?

The formula and the solution provided does not match up

(1+8/360)^8-1