alternative. Do not round intermediate calculations. Round your answers to two decimal places.

a$.$ A $11\%$ annual rate on a simple interest loan, with no compensating balance required and interest due at the end of the year.

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b$.$ A $8\%$ annual rate on a simple interest loan, with a $20\%$ compensating balance required and interest due at the end of the year.

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c$.$ A $8\mathrm{.}5\%$ annual rate on a discounted loan, with a $15\%$ compensating balance.

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Which alternative has the lowest effective annual interest rate?