Suppose your firm is seeking a five-year, amortizing $300,000 loan with annual payments and your bank is offering you the choice between a $310,000 loan with a compensating balance of $10,000 and a $300,000 loan without a compensating balance. The interest rate on the $300,000 loan is 10.0 percent. How low would the interest rate on the loan with the compensating balance have to be for you to choose it? Note: Do not round intermediate calculations. Round your final answer to 2 decimal places. Answer is complete but not entirely correct