In exchange for a $550 million fixed commitment line of credit, your firm has agreed to do the following: 1. Pay 2.0% per quarter on any funds actually borrowed. 2. Maintain a 4% compensating balance on any funds actually borrowed. 3. Pay an up-front commitment fee of 0.140% 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 an this line of credit? (Do not round intermediate calculations. Round the final answer to 2 decimal places.) Effective annual interest rate b. Suppose your firm immediately uses $200 million of the line and pays it off in one year. What is the effective annual interest rate on this $200 million loan? (Do not round intermediate calculations, Round the final answer to 2 decimal places.) Effective annual interest rate