In exchange for a $560 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 0.150% 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. Round the final answer to 2 decimal places.) Effective annual interest rate % b. Suppose your firm immediately uses $250 million of the line and pays it off in one year. What is the effective annual interest rate on this $250 million loan? (Do not round intermediate calculations. Round the final answer to 2 decimal places.) Effective annual interest rate %