Western Union has granted Aqua Ltd., a line of credit that allows it to borrow up to $82 million at any time. The interest rate is 0.37% per month. But Aqua Ltd. is required to have 9% of the borrowed amount deposited in a non-interest-bearing account. Assume the bank uses compound interest on its line of credit loans, what is the effective annual interest rate on this lending arrangement? (4 points)