Woolworths wants to expand internationally and is looking at the Eurobond market. It can choose between two bank syndicates that are willing to back the Eurobond issue, with the following fee schedules: Principal ANZ Westpac 380447 380447 Maturity 9 years 9 years Syndication fee 2.36% 1.9% Interest rate p.a. 7% Coupons per year 2 3.21% 4 What is the lowest effective annual interest rate Woolworths can achieve for the first payment period? a. 3.272% O b. 7.169% . 3.210% O d. 3.763% e. 2.945%