The York Company has arranged a line of credit that allows it to borrow up to $40 milion at any time. The interest rate is .616 percent per month. Additionally, the company must deposit 5 percent of the amount borrowed in a non-interest bearing account. The bank uses compound interest on its line- of-credit loans. What is the effective annual rate on this line of credit? Multiple Choice 7.65% 7.07% 6.48% 8.94% 8.05%