Problem 8-15 Compensating balances with idle cash balances (LO8-2] Randall Corporation plans to borrow $246,000 for one year at 13 percent from the Waco State Bank. There is a 22 percent compensating balance requirement. Randall Corporation keeps minimum transaction balances of $12,500 in the normal course of business. This idle cash counts toward meeting the compensating balance requirement. What is the effective rate of interest? (Use a 360-day year. Input your answer as a percent rounded to 2 decimal places.) Effective rate of interest 22.82 %