The Pulaski Company has a line of credit with a bank under which it can borrow funds at a 6 percent interest rate. The company plans to borrow $85,000 and is required by the bank to maintain a 15 percent compensating balance. Assume that there are 365 days per year. Determine the annual financing cost of the loan for a year under each of the following conditions: Round your answer to two decimal places. - The company currently maintains $7,000 in its account at the bank that can be used to meet the compensating balance requirement. % - The company currently has no funds in its account at the bank that can be used to meet the compensating balance requirement. %