In exchange for a $400 million fixed commitment line of credit, your firm has agreed to do the following:

1. Pay 1.81 percent per quarter on any funds actually borrowed.

2. Maintain a 5 percent compensating balance on any funds actually borrowed.

3. Pay an up-front commitment fee of 0.26 percent of the amount of the line.

The effective annual interest rate on this line of credit is 7.83%

Suppose your firm immediately uses $211 million of the line and pays it off in one year. What is the effective annual interest rate on this $211 million loan?