Youve worked out o line of credit arrangemient that allows you to borrow up to $60 mililon at any time, The interest rate is 389 percent per month. In addition, 4 percent of the amount thot 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., 32.1 b. Sippose you need $2.5 mittion today and you repay it inseven 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. 1,234,567.89