Youve worked out a line of credit arrangement that allows you to borrow up to $50 million at any time. The interest rate is .50 percent per month. In addition, 4 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? Suppose you need $20 million today and you repay it in 6 months. How much interest will you pay? (Do not round intermediate calculations and round your final answer to 2 decimal places (e.g., 32.16).)