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Consider a syndicated loan with the following characteristics: The size of the loan is $600 million. The interest rate on the loan is set at the beginning of each year with the following mechanism: i= LIBOR + 2.5% where LIBOR used will be the beginning of year LIBOR. Assume that at the time of signing the syndicated loan agreement, LIBOR is 3.5%. The upfront fee is 1.0% of the maximum amount of the loan. The commitment fee is 0.75% at the annual rate. The term of the loan is 5 years. The interest reset period is one year Suppose the borrower uses $400 million in the first month of the loan, $500 million during the subsequent four months, $600 million in the next four months, and $300 million in the last three months of the first year. Calculate the cost per dollar of average funds used in the first year of the syndicated loan