The York Company has arranged a line of credit that allows it to borrow up to $51 milion at any time. The interest rate is .627 percent per month. Additionally, the company must deposit 5 percent of the amount borrowed in a noninterest-bearing account. The bank uses compound interest on its line-of-credit loans. What is the effective annual rate on this line of credit? 6.60% 8.20% 9.11% 7.19% 7.79%