Your company has arranged a revolving credit agreement for up to $77 million at an interest rate of 1.46 percent per quarter. The agreement also requires your company to maintain a compensating balance of 3 percent of the unused portion of the credit line, to be deposited in a non-interest bearing account. Your company's short-term investment account at the same bank pays an interest rate of 60 percent per quarter. What is the effective annual interest rate if your company borrows $42 million for one year? Multiple Choice 758% 6.49% 5.03% 6.63% 5.97%