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

Pay 1.92 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 0.27 percent of the amount of the line.

Based on this information, answer the following: a. Ignoring the commitment fee, what is the effective annual interest rate on this line of credit? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Effective annual rate % b. Suppose your firm immediately uses $222 million of the line and pays it off in one year. What is the effective annual interest rate on this $222 million loan? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Effective annual rate %

PLEASE ANSWER PART B CORRECTLY!!!