Question 26 (2 points) The York Company has arranged a line of credit that allows it to borrow up to $54 milion at any time. The interest rate is .630 percent per month. Additionally, the company must deposit 4 percent of the amount borrowed in a non-interest bearing account. The bank uses compound interest on its line-of-credit loans. What is the effective annual rate on this line of credit? 7.20% 9.06% 8.15% 6.56% 7.83% Question 26 (2 points) The York Company has arranged a line of credit that allows it to borrow up to $54 milion at any time. The interest rate is .630 percent per month. Additionally, the company must deposit 4 percent of the amount borrowed in a non-interest bearing account. The bank uses compound interest on its line-of-credit loans. What is the effective annual rate on this line of credit? 7.20% 9.06% 8.15% 6.56% 7.83%