Your company has arranged a revolving credit agreement for up to $63 million at an interest rate of 1.32 percent per quarter. The agreement also requires your company to maintain a compensating balance of 5 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 .46 per quarter. What is the effective annual interest rate if your company borrows $28 million for one year?