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. Ignoring the commitment fee, 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?