In exchange for a $400 million fixed commitment line of credit, your firm has agreed to do the following: Pay 1.97 percent per quarter on any funds actually borrowed. Maintain a 1 percent compensating balance on any funds actually borrowed. Pay an up-front commitment fee of 0.23 percent of the amount of the line. Required: Based on this information, answer the following: (a) Ignoring the commitment fee, what is the effective annual interest rate on this line of credit? (b) Suppose your firm immediately uses $227 million of the line and pays it off in one year. What is the effective annual interest rate on this $227 million loan