You've worked out a line of credit arrangement that allows you to borrow up to $$70$

million at any time. The interest rate is $\mathrm{.}375$ 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?

Note: Do not round intermediate calculations and enter your answer as a

percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}1$

b$.$ Suppose you need $$25$ million today and you repay it in eight months. How much

interest will you pay?

Note: Do not round intermediate calculations and enter your answer in dollars,

not millions, rounded to $2$ decimal places, e$.$g$.,1,234,567\mathrm{.}89.$