You've worked out a line of credit arrangement that allows you to borrow up to $45 million at any time. The interest rate is 0.51 percent per month. In addition, 4 percent of the amount that you borrow must be deposited in a non-interest-bearing account. Assume that your bank uses compound interest on its line of credit loans. Required: (a)What is the effective annual interest rate on this lending arrangement? (Do not round your intermediate calculations.) v (Click to select) 5 6.56% (1 6.29% 6.47% eed $11 million today and you repay it in 5 months. How much interest o not round your intermediate calculations.) 8.92% 6.83% You've worked out a line of credit arrangement that allows you to borrow up to $45 million at any time. The interest rate is 0.51 percent per month. In addition, 4 percent of the amount that you borrow must be deposited in a non-interest-bearing account. Assume that your bank uses compound interest on its line of credit loans. Required: (a)What is the effective annual interest rate on this lending arrangement? (Do not round your intermediate calculations.) (Click to select) (b) Suppose you need $11 million today and you repay it in 5 months. How much interest will you pay? (Do not round your intermediate calculations.) v (Click to select) D 11,475,782.77 283,375.73 -11,114,483.33 295,183.05 753,516.38