Petrol? Ibrico, a European gas? company, is borrowing $800,000,000via a syndicated eurocredit for six years at 90 basis points over LIBOR. LIBOR for the loan will be reset every six months. The funds will be provided by a syndicate of eight leading investment? bankers, which will charge? up-front fees totaling 1.6?% of the principal amount. What is the effective interest cost for the first year if the annual LIBOR is 4.10?% during the first six months and 4.30?% during the second six months.