You$$ve worked out a line of credit arrangement that allows you to borrow up to $$60$ million at any time. The interest rate is $\mathrm{.}591$ percent per month. In addition, $3$ percent of the amount that you borrow must be deposited in a noninterest$-$bearing account. Assume that your bank uses compound interest on its line$-$of$-$credit loans. a$.$ What is the effective annual interest rate on this lending arrangement?