OpMail Company CFO believes they will need to secure short-term financing to fund the company over the next six months. Based on market trends, the CFO projects the following interest rates (per annum):

January	6.0%		April	13.0%
February	7.0%		May	12.0%
March	10.0%		June	12.0%

The CFO predicts the company's funding requirements for the next six months are:

January		$8,700	April		$8,700
February		2,700	May		9,700
March		3,700	June		4,700

Complete the table below, and using the data computed, what is the expected annual rate of the short-term financing? (Submit your calculation on Moodle. Round intermediate calculations and final answers to 2 decimal places.)

Short-term Financing
Month	Rate	On monthly basis		Amount	Actual interest amount
January	%	%		$8,700	$
February	%	%		$2,700	$
March	%	%		$3,700	$
April	%	%		$8,700	$
May	%	%		$9,700	$
June	%	%		$4,700	$
					$

Annual interest rate %

The CFO predicts the company's funding requirements for the next six months are: Complete the table below, and using the data computed, what is the expected annual rate of the short-term financing? (Submit your calculation on Moodle. Round intermediate calculations and final answers to 2 decimal places.) Annual interest rate The CFO predicts the company's funding requirements for the next six months are: Complete the table below, and using the data computed, what is the expected annual rate of the short-term financing? (Submit your calculation on Moodle. Round intermediate calculations and final answers to 2 decimal places.) Annual interest rate