You've worked out a line of credit arrangement that allows you to borrow up to $60 million at any time. The interest rate is .576 percent per month. In addition, 3 percent of the amount that you borrow must be deposited in a noninterest-bearing account. Assume that your bank uses compound interest on its line-of-credit loans. a. What is the effective annual interest rate on this lending arrangement? Effective annual rate % b. Suppose you need $17.46 million today and you repay it in five months. How much interest will you pay