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Your company plans to borrow ( $ 5 ) million for 12 months, and your banker gives you a stated rate of 8 percent interest.

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Your company plans to borrow \\( \\$ 5 \\) million for 12 months, and your banker gives you a stated rate of 8 percent interest. Calculate the annual rate of interest for the following types of loans. a. Simple 8 percent interest with a 10 percent compensating balance. (Use \\( \\mathbf{3 6 5} \\) days a year. Round the final answer to \\( \\mathbf{2} \\) decimal places.) Annual rate b. Discounted interest. (Use 365 days a year. Round the finat answer to 2 decimal places.) Annual rate c. An instaiment loan ( 12 payments). (Round the final answer to 2 decimal places.) Annual rate d. Discounted interest with a 1 percent administration fee. (Round the final answer to 2 decimal places.) Annual rate

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