firm is able to borrow up to $5,000,000 million from its line of credit at any time. The interest rate is 0.8% per month and the company is required to maintain a compensating balance of 3% on any funds actually borrowed which will be deposited in a non-interest bearing account. Assume the bank uses compound interest on its line of credit loans. What is the effective annual interest rate on this lending arrangement? Round to 2 decimals