I need the SEMI-annual rate as well as the effective annual rate for both State and Frost. Please help me answer these below, I am running out of chances on the assignment system, and just cannot figure this out....

Compensating balance versus discount loan Weathers Catering Supply, Inc., needs to borrow $ 155,000 for 6 months. State Bank has offered to lend the funds at an annual rate of 8.7% subject to a 9.6% compensating balance. (Note: Weathers currently maintains $0 on deposit in State Bank.) Frost Finance Co. has offered to lend the funds at an annual rate of 8.7% with discount-loan terms. The principal of both loans would be payable at maturity as a single sum. a. Calculate the effective annual rate of interest on each loan. b. What could Weathers do that would reduce the effective annual rate on the State Bank loan? a. State Bank's semi-annual rate is %. (Round to two decimal places.)