In exchange for a $530 million fixed commitment line of credit, your firm has agreed to do the following: 1. Pay 2.3 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 .120 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? Suppose your firm immediately uses $230 million of the line and pays it off in one year. What is the effective annual interest rate on this $230 million loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).)