Ivanhoe Cosmetics management is setting up a line of credit at the company's bank for $6.300 million for up to two years. The interest rate is 5.480 percent, and the loan agreement calls for an annual fee of 40 basis points on any unused balance for the year. If the firm borrows $2.10 million on the day the loan agreement is signed, what is the effective rate for the line of credit? (Round answer to 2 decimal places, e.g. 12.25%.) Effective interest rate % do