In exchange for a $400 million fixed commitment line of credit, your firm has agreed to do the following: 1. Pay 1.98 percent per quarter on any funds actually borrowed. 2. Maintain a 3 percent compensating balance on any funds actualily borrowed 3. Pay an up-front commitment fee of 22 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? Note: Do not round Intermedlate calculations and enter your answer as a percent rounded to 2 declmal ploces, e.g. 32.16. b. Suppose your firm immediately uses $228 million of the line and pays it off in one year. What is the effective annual interest rate Note: Do not round intermediate calculations and enter your answer as a percent rounded to 2 declmal places, e.9., 32.16