Use the following information for questions 13 through 17. On September 16, a bank needs to issue $55 million of 180-day Eurodollar time deposits. The current rate of such time deposits is 7.25%. The bank is considering the alternative of issuing a 90 day time deposit at its current rate of 6.75% and selling a eurodollar futures contract. If the 180-day time deposit is issued, this implies an effective rate of: