Transcribed image text: Help Sve & El The York Company has arranged a line of credit that

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Transcribed image text: Help Sve & El The York Company has arranged a line of credit that allows it to borrow up to $41 million at any time. The interest rate is 617 percent per month Additionally, the company must deposit 3 percent of the amount borrowed in a non-interest bearing account. The bank uses compound interest on its tine of credit loans What is the effective annual rate on this line of credit? Multiple Choice o o 7011 a 7661

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Transcribed image text: Help Sve & El The York Company has arranged a line of credit that

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