Problem 8-16 Compensating balances with idle cash balances [LO8-2] The treasurer for the Macon Blue Sox baseball team is seeking a $28.900 loan for one year from the 4th National Bank of Macon. The stated interest rate is 11 percent and there is a 18 percent compensating balance requirement. The treasurer always keeps a minimum of 52,390 in the baseball team's checking accounts. These funds count toward meeting any compensating balance requirements What will be the effective rate of interest on this toan (Use 360-day year. Input your answer as a percent rounded to 2 decimal places.) a Efectuat interest