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QUESTIONS You've worked out a line of credit arrangement that allows you to borrow up to $50 million at any time. The interest rate is

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QUESTIONS You've worked out a line of credit arrangement that allows you to borrow up to $50 million at any time. The interest rate is 46 percent per month. In addition, 6 percent of the amount that you borrow must be deposited in a non-interest-bearing account. Assume that your bank uses compound interest on its line of credit loans What is the effective annual interest rate on this lending arrangement? (Do not found intermediate calculations and enter your answer as a percent rounded to decimal places, 0.9. 32.16)

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