HSBC offers to syndicate a Eurodollar credit for the government of Greece. Determine the effective annual interest cost to the borrower for the first six months of this loan, based on the following details: Principal: USD701 Million Maturity: 6 years Interest rate: LIBOR + 1.5%, reset every six months Syndication fee: 1.89% Six-month LIBOR (currently): 5.44 percent Compute your answer to the nearest hundredth of a percent, and enter your answer as number with no percent sign. For example, if you compute 12.34%, enter "12.34"