Your company plans to borrow $11 million for 12 months, and your banker gives you a stated rate of 22 percent interest.

Calculate the effective rate of interest for the following types of loans.

Simple 22 percent interest with a compensating balance of 22 percent.(Use a 360-day year. Input your answer as a percent rounded to 2 decimal places.)

Discounted interest (with no compensating balance).(Input your answer as percent rounded to 2 decimal places.)