Your company has arranged a revolving credit agreement for up to $64 million at an interest rate of 1.33 percent per quarter. The agreement also requires your company to maintain a compensating balance of 6 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 .47 per quarter. What is the effective annual interest rate if your company borrows $29 million for one year?