what is the effective interest cost for the first year? please see attachment

Petrol Iberico. Petrol Ibnco, a European gas company is borrowing $500,000,000 via a syndicaled eurocredit for six years at 80 basis points over LIBOR UBOR for the loan will be reset every six months The funds will be provided by a syndicate of eight leading investment bankers, which will charge up-front fees lotaling 1.1% of the principal amount What is the effective interest cost for the first year if the annual LIBOR is 3.50% during the first six months and 3 90% during the second six months The effective interest cost for the first year is % (Round to two decimal places)