value 10.00 points Problem 8-11 Your bank will lend you $10,400 for 30 days at a cost of $151 interest a. What is your annual rate of interest? (Use 365 days in a year. Do not round intermediate calculations. Round the final answer to 2 decimal places.) Annual rate of interest b. What is your effective annual rate? (Use 365 days in a year. Do not round intermediate calculations. Round the final answer to 2 decimal places.) Effective annual rate References eBook&Resources Worksheet Problem 8-11 Learning Objective: 08-02 D term, and as having their inte interest rates under differing esc F5 FI F2 Question 3 (of 6) value 10.00 points Problem 8-17 Birthdaybook requires $361,340 to complete a project a. With a compensating balance requirement of 11%, how much will the firm need to borrow? Amount to be borrowedS b. Given your answer to part a and a stated interest rate of 15 percent on the total amount borrowed, what is the annual rate on the $361,340 actually being used? (Use 365 days in a year. Do not round intermediate calculations. Round the final answer to 2 decimal places.) Annual rate References eBook &Resources Worksheet Problem 8-17 Learning Objective: 08-02 D term, and as having their inte interest rates under differing Check my work 29