In exchange for a $400 million fixed commitment line of credit, your firm has agreed to do the following:
1.	Pay 1.85 percent per quarter on any funds actually borrowed.
2.	Maintain a 4 percent compensating balance on any funds actually borrowed.
3 .	Pay an up-front commitment fee of 0.3 percent of the amount of the line Suppose your firm immediately uses $215 million of the line and pays it off in one year. What is the effective annual interest rate on this $215 million loan?