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 0.59 percent per month. In addition, 2 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 $12 million today and you repay it in 9 months. How much interest will you pay? (Do not round your intermediate calculations.) (Click to select)