The Ohio Valley Steel Corporation has borrowed $971223 for three months at a stated annual rate of 10% per annum, using inventory stored in a field warehouse as collateral. The warehouse charges a $12 000 fee, payable at the end of the three months. The effective annual rate on this loan is closest to: Select one: O a. 15.30% O b. 3.74% O c. 14.94% O d. 15.80%