Ralph, treasurer for Petrova Imports, recently updated his firm's short-term ash forecast only to discover that the firm will suffer a cash shortage of $15 million for a period of 30 days. Ralph just learned from one of his dealers that commercial paper in the 30-day maturity range is in demand and that discount rates are roughly 3.7%. The dealer's annual fee is 0.10% and the annual commitment fee on a backup line of credit is 0.25%. Calculate the effective cost of the commercial paper.