Squared Equipment needs $330,000 to take a cash discount of 2/10, net 80. A banker will loan the money for 70 days at an interest cost of $5,800. Please submit all calculations on Moodle. a. What is the annual rate on the bank loan? [2 Marks] (Use 365 days in a year. Do not round intermediate calculations. Round the final answer to 2 decimal places.) Annual rate % b. How much would it cost (in percentage terms) if the firm did not take the cash discount but paid the bill in 80 days instead of 10 days? [ 2 Marks] (Use 365 days in a year. Do not round intermediate calculations. Round the final answer to 2 decimal places.) Cost of not taking a cash discount %